“I am NOT a crook!”
If you recall President Nixon’s infamous quote…. I am reminded of it when WEC Energy denies any culpability in Peoples Gas ‘misinformation’ case.
As life goes in a circle, let’s recall the other adage of that time…follow the money, so lets.
In 2014 Illinois Commerce Commission approved $4,600,000,000 ($4.6 billion) for Peoples Gas to replace gas mains.
June 24, 2015 WEC Energy buys Peoples Gas for $9,100,000,000 ($9.1 billion)
July 7, 2015 Peoples Gas updates its estimate for gas main replacement to $8,200,000,000 ($8.2 billion)
So NO one in Peoples Gas was aware that the gas main replacement, the largest project Peoples has undertaking in some time, was costing X2 what it was approved to spend. Yet, about 2 weeks later they had detailed information of what those costs were and asked the ICC for approval to spend it.
The Attorney General’s Office is investigating Peoples Gas executives for what they knew and when they knew it……as I said the circle goes round and round.
Recall: Peoples as a regulated monopoly can only earn money when it spends on expenses approved by the ICC. If they are not approved by the ICC, Peoples gas runs the risk of having to have their investors pay for it.
Realgy Energy Services is a registered Retail Energy Marketer in the states of Illinois, Michigan and Indiana. We offer Service Plans that will provide electric and natural gas at wholesale pricing direct to customers without any utility markup. Our Service Plans work with the local utility to provide seamless service and annual energy savings. Service Plans include Guaranteed SavingsTM, ManagedPriceTM, ManagedGreenTM and Index, Fixed pricing.
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