Duke Energy Makes Money Doing Nothing

The Florida legislature had the anti-free market idea to raise rates and get tax dollars to build a nuclear power plant in Levy County. Duke Energy has announced that they will not build the power plant in Levy County. Through rate hikes and a utility tax, Duke Energy keeps revenue that was suppose to go to construction of the power plant. What is even more insane is that the state still owes Duke Energy $1.5 billion. This is crony capitalism at its worst.

State Rep. Mike Fasano is calling for an investigation.

“Duke Progress have not been honest with the customers, legislature and the Florida Public Service Commission,” said Fasano. “I have unsuccessfully tried to repeal the cost recovery tax – I have said many times Duke Progress would never build the nuclear power plants in Levy County. It’s time for a full investigation and for the Public Service Commission and Florida Legislature to step up to plate and hold the utility accountable. 1 billion dollars has been paid to Duke Progress by its customers and those customers will never get anything for the dollars they paid out.”

I believe Fasano sincere. The problem is the lobbying power of Duke Energy will squash any investigation.