RELEASE: Cement Companies, Municipalities Express Concern with Noranda Rate Shift
Opposition builds against $500 million shift of electric rates onto MO consumers
Jefferson City, MO – On the heels of Walmart’s filing with the Public Service Commission to intervene in Noranda Aluminum’s claim seeking a drastic reduction in their electric rates, other Missouri consumers are following suit. Continental Cement and River Cement as well as the cities of Ballwin and O’Fallon both filed documents with the PSC raising concern over the half a billion-dollar electric rate shift from Noranda to Missouri businesses and residents.
“Missouri consumers are troubled by this intended rate shift. Manufacturing companies and municipalities alike are realizing that one company is seeking preferential treatment for themselves at the expense of all other consumers – that’s not right and they know it,” MBEF Executive Director Irl Scissors said.
In light of Noranda’s claim of financial hardship, Missouri electric consumers are taking notice and are not amused. Since the rate request filed in mid-February, Noranda apprised Wall Street investors of their stellar financial forecast, turning a profit, even paying dividends to shareholders.
Additionally, the holding company that controls Noranda, hedge fund Apollo Holding Corporation, announced plans to sell 10 million shares of Noranda stock for a likely profit of $50 million, with all proceeds going to Apollo, not Noranda. Furthermore, Apollo’s CEO made $500 million last year, moving his rank on the Forbes billionaires list from 299 to 240.
Missouri electric consumers, large and small should be wary of Noranda’s rate-shift request. Their bailout could cost us millions, now and in the future.
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Missourians For A Balanced Energy Future | moenergyfuture.org | @MBEF | facebook.com/moenergyfuture
