Early this morning I heard Delmarva had publicized a report showing that wind would cost more than we thought.

I was skeptical and Tommywonk has already begun debunking the report, showing Delmarva’s hired hand‘s attempt to obfuscate their true intentions with financial “mumbo jumbo”….If we existed in some rain forest, and were debating among our tribe over some future course of action, we would enlist the support of our wise elder, listen to some “mumbo jumbo”, then watch him throw dirt into a fire. We would then have our answer……

Delmarva must have spent time in the rain forest too. For like the tribal doctor’s “utterings”,  this report makes no sense. Really…..to anyone who knows the slightest thing about finance,……it makes no sense….The only thing certain is that it was written to confuse. It uses outdated information; it does not proceed logically; it is a report designed to give the press, in order to create headlines, with no substantiation. (Oh, Heavens! We can’t afford wind right now!)

Rest assured ladies and gentlemen: If we go with the terms in Bluewater’s letter of September 13th, we will pay for the next twenty five years, a cost of electricity that is cheaper than twenty states currently pay now…. Fact not needing any ‘mumbo jumbo.” or dirt thrown into a fire…..

Delmarva has created a scenario that could never happen and has crunched the numbers on it…..

Turnaround is fair play, don’t you think?

Did you know that in the years 1998 and 1999, the top echelon of Delmarva received $29,007,961 in compensation other than salaries? So if we take that two year spread, and use simple multiplication, (which everyone can understand) spread over the next twenty five years, we, the SOS customer, will pay an additional $362,500,000 and get nothing back in return. Again…..absorb this number……$362,500,000…..of your money that goes to bonuses and perks, on top the 1,750,000 in salary these five corporate officers receive each year alone!

$362,500,000 in bonuses. With 513,000 Delmarva customers, each customer will have to bear the brunt of $706 just to cover this hidden expense that Delmarva purposefully left off the table. And these numbers are based on 1998 data, well before the 60% rate increase. With the Delmarva-cost-of living escalator which has been in effect “forever”, standing at 2.5%, in twenty five years with the escalator in place, the aggregate cost of those bonuses will rise to $672,054,590 ! $1310 per customer!

DELAWARE CANNOT AFFORD DELMARVA POWER IF THE BONUS PLANS ARE ALLOWED TO CONTINUE.

The PSC must act on this immediately, especially if the Bluewater deal does NOT go through. With the rising cost of carbon fuels, and the frenzied bidding war on what little green energy Pennsylvania has to offer, adding on Delmarva’s bonus plus the astronomical price of gas and coal, many Delmarva customers will be paying over $1000 a month for what they use now……

Delmarva argues that Bluewater wind costs too much. At least we would have windmills in place, cheap power generated, and a cleaner environment should it go though…., Delmarva has remained silent on an even bigger cost that gives us nothing…..We might as well bury $ 674,054,590 in the Cherry Hill landfill, for all the good that money will do us……..

For this reason alone, the PSC needs to approve the Bluewater Wind application and needs to be present in any further dealings between Bluewater Wind and Delmarva. Imagine a cost of $.6 Billion being fleeced from Delaware’s citizens, all the while denying them a cheaper form of energy, that for the next twenty five years, costs less than twenty states pay now………

It is a shame we can’t try corporate executives as criminals in a court of law. Wait a minute……we can,…. can’t we?

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