Jesse Tilton came to Tarboro this week to spin some tales about electric rates. One citizen wrote:
"In any case, apparently his reason for being at last night's meeting was to get the town council members to voice their support for some specific legislative issues. I guess he was doing what would be called "lobbying." He talked a lot about rising costs of this and that and how the lending industry is all screwed up which in turn has affected the pocketbooks of many other industries."
Jesse Tilton was trying to impart to the good people of Taroro why the electric rates are going up so dramatically, And will go up even more, putting this town, Wilson and all of the other eastern NC towns at a competitive disadvantage. The reason it did not click is he spins things and talks down to confuse because he is covering the simple truth. Yes, there is pending climate change legislation but it DID NOT pass in Congress yet. But more importantly, he refinanced the debt of 32 cities - the almost $3 billion debt for the coal and nuclear plants not due to be paid until 20205 - in a swap and the variable rate rose quickly and started costing millions each month. So, he found out in October, and I guess was shocked his plan went south and the interest rate was soaring so what did he do? He sat around while millions were raking up in costs, plain old interest, and then told Sam Noble and his board in March. What CEO can we afford to let sit on rising costs and not tell for 6 months.
Now your rates are increasing because of all those interest costs. Just as if you had borrowed on a credit card with an increasing interest rate and saw it happening but did not tell your spouse until it was out of control.
So Electricities had to go refinance again and spend more money on that. You and me and the other tax payers will now pay for it. He was spinning his tale of the home loan industry affecting others like our electric industry instead of telling you straight up what he did. If you don't believe me, ask Sam Noble. Call Ken Raber. Call Bruce Rose. But if you ask Jesse Tilton you will never get the truth, just rehtoric. And if you don't believe that, ask any legislator. Attend the rate meeting june 27 so you can ask about your electric bill. If we do not get the truth city officials and others will continue to sit on it covering their own failure to act or deal with him. This is money out of your wallet and he is digging in now but will dig harder next time. And if he continues to run the place like this, every citizen in NC will end up paying for it. Why? The entire State is responsible for this debt. If cities cannot pay, the State has to pay and that comes out of everyone's pocket.
In this time of economic upheaval, we need to deal with fair and honest entities, and this organization can hardly be called that at this point. Attend the rate committee meeting in rocky mount. Demand truth. Demand accountability. And demand a change in leadership at ElectriCities. If we don't what will it be next time?