RELEASE: *** PSC HEARING COUNTDOWN CLOCK: 4 DAYS *** Column: Never-Ending Business Bailouts – At Your Expense
With Less than One Week Until the PSC Hears from Southeast Missouri, St. Louis, and Mid-Missouri, MBEF Reminds Electric Consumers Why Noranda’s Rate Shift is Bad for ALL of Missouri
A column by Executive Director Irl Scissors
Missourians for a Balanced Energy Future
328 words
In recent years, large corporate interests sought government bailouts in one form or another. The insurance industry, auto manufacturers and Wall Street financial institutions all relied heavily on taxpayer funded bailouts to keep their businesses afloat. We, Americans were expected to pay for it and move along.
In Missouri, we’re about to see the same and this time it will significantly impact our energy rates. And the line for businesses seeking bailouts – and the costs to Missourians – could be never-ending.
Tennessee-based Noranda Aluminum is next in line seeking a bailout. They’re making an appeal to the Public Service Commission (PSC) for economic relief in the form of drastically reduced electric rates.
If this relief is granted, guess who is stuck with the bill? Yep, you guessed it–Missouri residents and small businesses. Noranda’s electric rate reduction will raise electric rates for the rest of us. And progress on much needed energy policy upgrades relating to infrastructure and new jobs will be lost.
To make matters worse, the PSC and Missouri consumers would not really be bailing out just an aluminum smelter. Noranda is owned by billion dollar Wall Street hedge-fund Apollo Global Management. Apollo’s wealthy shareholders will reap the reward at the expense of Missouri taxpayers.
Once again, Wall Street makes poor choices only to pass on costs – and possibly hard times – for Missouri residents and other businesses.
Herein lays the larger problem.
Noranda’s request before the PSC is unprecedented in Missouri. Such bailouts are economic policy decisions, more properly addressed by the General Assembly. In this case, the PSC could very well open Pandora’s Box.
The precedent established in this rate shift, if granted, will open the door for any business to claim economic hardship and ask for a reduction on their utility bill at the expense of other consumers. Who’s next? Where’s our bailout?
The PSC should certainly understand the long-term consequences of this decision before we consumers are faced with paying for never-ending corporate bailouts.
MBEF is reminding Missouri consumers of reasons to oppose Noranda’s rate shift request as the Missouri Public Service Commission (PSC) plans to hear from community members in Caruthersville, St. Louis, and Jefferson City at 6p.m. on June 9th, 10th, and 11th respectively.
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Missourians For A Balanced Energy Future | moenergyfuture.org |
