Yesterday we told you about BEL’s gain and the consumer’s loss
in the Supreme Court - where the power company was able to secure an injunction
blocking the implementation of a rate decrease. According to the Chairman of
the PUC, John Avery, he was disappointed with the court’s decision because
the $20 million that BEL is sitting on should be passed through and refunded
to consumers in lower rates.
Today, BEL – who’s cried enough corporate tears to over-run the
Challilo dam – issued a release saying that, “the company is
not making any profit from the current cash flow resulting from the lower oil
prices; the company is only getting a lifeline, since it is now able to pay
loans and meet other commitments that it was unable to meet in 2008, when the
PUC refused to adjust rates in spite of extremely high oil prices.”
And while Fortis/BEL gets that $20 million lifeline interest free, what does
it propose for the future? The company agrees that rates should be lower but
those decisions should only be made after the outcome of its appeal of the June
2008 final decision. The Supreme Court has promised an expeditious hearing of
that appeal.
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