NCEMPA SEEKS MORE CONTROL - ELECTRICITIES OF NC

http://www.wilsontimes.com/News/Local/Story/NCEMPA-seeks-more-control--

Well ... this looks a little better. BUT, what a slooooow process and note the comment about a rate increase coming .... This place is still superspending, wasting money, ruining cities. What will the Board do, if anything?

"If we adopt it in December, can we have it in October?" Noble asked Tilton, who said he planned to have the budget available with enough time for board review.

Will it matter Mr. Noble? According to the minutes of the last Board discussion of the budget, there were 15 agenda items and the meeting last 3 hours so there was not much discussion; board members seem to know little about the budget in detail; and you have made no cuts to the INFLATED spending. So, why does it matter?? And do you people get a line item budget??

Comments

A good step

This is a good step and should be considered a small victory. Prior to this collective focus on ElectriCities, the Board wasn't paying attention at all. Credit yourselves for at least waking them up.

But, as you've already pointed out, this is just an increase in the frequency of meetings, with little or no change in the intensity of those meetings. It's easy to confuse meetings with activity, especially if you're just trying to show action instead of produce results. Unfortunately, it's just a bigger waste of time. Three times as many meetings just to produce three times as much dead silence.

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Again, comparisons are useful here. Here are the board of directors for some of the other power providers in NC:

... and a few of the co-ops:

To spare you the time and analysis, I'll go out on a limb (without reviewing the boards of the other co-ops) and make two simple observations:

  • The publicly traded companies (namely, the ones that issue debt to build large-scale power plants) have directors that have the appropriate experience. You can expect them to ask tough questions about the operations, the ability to service debt, compensation, etc.
  • The co-ops -- primarily responsible for purchasing and distributing power through their communities -- tend to have local elected officials or local appointees as board members. Naturally, they are better able to focus on distributing power to their local communities reliably, affordably, and safely.

I'm not suggesting that Progress Energy and Duke Energy aren't focused on local communities, or that the co-op boards don't ask tough questions about finances, or that one set of boards is better than the other set of boards. I am, however, suggesting that if the board is to play an important role, it has to be built with members that are appropriate for the responsibilities assigned.

With that in mind, I present to you the Board of Directors for ElectriCities and I let you draw your own conclusions on whether this is the proper board to oversee an entity that is responsible for $2.3 billion of debt, refinancing through complex derivatives, and the numerous other activities that ElectriCities' management has elected (rightly or wrongly) to pursue.

Thank you Dan B.

ElectriCities Board of Directors, what is wrong with this picture?

"I swore never to be silent whenever human beings endure suffering and humiliation. We must always take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented." - Elie Weisel

"I swore never to be silent whenever human beings endure suffering and humiliation. We must always take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented." - Elie Weisel