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(Washington Post)   Virginia's Dominion Power had excess profits of $280 million during the last regulatory period, which it was required to return to customers in the form of rebates. But don't worry, state lawmakers re-wrote the law to let them keep it, instead   (washingtonpost.com) divider line 66
    More: Asinine, Dominion Resources, Dominion, Virginia, excess profits, lawmakers, orbital period, Newport News Shipbuilding, ratepayers  
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5863 clicks; posted to Main » on 28 Feb 2014 at 1:39 PM (34 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-02-28 10:08:01 AM  
Hey, you have the best lawmakers money can buy, Virginia. Don't complain.
 
2014-02-28 10:12:32 AM  
Hell, if you buy the guv a watch, you get private access!
 
2014-02-28 10:14:16 AM  
Maybe another few thousand customers could be forced through Eminent Domain to turn over land for another set of power lines again. That could be a good consolation present.
 
2014-02-28 12:04:32 PM  
That's okay, it will trickle down on us... er... to us.
 
2014-02-28 12:04:47 PM  
Bastards...
 
vpb [TotalFark]
2014-02-28 12:55:33 PM  
Political power is a commodity.
 
2014-02-28 01:26:53 PM  
I know objecting to a tag is verbose and may be cause for getting some time out.... I apologize, but "obvio++--CARRIER LOST--++
 
2014-02-28 01:41:29 PM  
And yet my power still went out last night!
 
2014-02-28 01:42:11 PM  
This is what happens when you let the Changelings into the Alpha Quadrant.
 
2014-02-28 01:42:27 PM  
Thank goodness they took care of all that red tape and rebates nonsense.
 
2014-02-28 01:44:33 PM  
"The ratepayers are clearly going to be better off with this bill than without it," said Sen. Walter A. Stosch (R-Henrico), who introduced the legislation in the Senate.

Did anyone bother to ask him how? Cause I am not seeing how paying more is going to help the ratepayers. Now I can see it will help the ratepayee so maybe it was transcribed wrong.
 
2014-02-28 01:44:38 PM  
We are DOMINION. We have the POWER.

/any questions?
 
2014-02-28 01:46:44 PM  
So is this a rainy day fund?  Or a "We'd really like to start saving up for the infrastructure replacement/pensions crisis today fund"?

Or is it just "Fark you, we're taking all of the money".

Because the first, I'm sorta OK with.  Depending how it gets used down the line of course.
And the second has issues.
 
2014-02-28 01:46:57 PM  

FirstNationalBastard: That's okay, it will trickle down on us... er... to us.


Mmmmm, that warm, golden trickle! Give us more!
 
2014-02-28 01:48:17 PM  
California should re-write their law (and fed if applicable) to let the lucky gold finding couple not have to give half back in taxes too.

/sorry, awkwardly worded but you get my point
 
2014-02-28 01:49:17 PM  

meyerkev: So is this a rainy day fund?  Or a "We'd really like to start saving up for the infrastructure replacement/pensions crisis today fund"?

Or is it just "Fark you, we're taking all of the money".

Because the first, I'm sorta OK with.  Depending how it gets used down the line of course.
And the second has issues.


Even if it's the first, what are the chances it will be used for such?
 
2014-02-28 01:50:05 PM  
But David Botkins, a Dominion spokesman, said that "customers are the winners with this bill" just  before he passed out from laughter.
 
2014-02-28 01:50:16 PM  

vpb: Political power is a commodity.


Like attracts like.  Money and power attract money and power.
 
2014-02-28 01:51:16 PM  

pedrop357: This is what happens when you let the Changelings into the Alpha Quadrant.


Weyoun : "Pah-wraiths and Prophets?! All this talk of gods strikes me as nothing more than superstitious nonsense!"
Damar : "You believe that the Founders are gods, don't you?"
Weyoun: "That's different."
Damar : "In what way?"
Weyoun: "The Founders are gods."
 
2014-02-28 01:51:46 PM  

meyerkev: So is this a rainy day fund?  Or a "We'd really like to start saving up for the infrastructure replacement/pensions crisis today fund"?

Or is it just "Fark you, we're taking all of the money".

Because the first, I'm sorta OK with.  Depending how it gets used down the line of course.
And the second has issues.


No kidding. Just about every aspect of infrastructure is due for a major overhaul, and if that's what it is being saved for, then fine.
 
2014-02-28 01:53:14 PM  
Sucks, but beats the strong arm tactics People's Gas and Comed pull back in IL.
 
2014-02-28 01:54:49 PM  

Amish Tech Support: pedrop357: This is what happens when you let the Changelings into the Alpha Quadrant.

Weyoun : "Pah-wraiths and Prophets?! All this talk of gods strikes me as nothing more than superstitious nonsense!"
Damar : "You believe that the Founders are gods, don't you?"
Weyoun: "That's different."
Damar : "In what way?"
Weyoun: "The Founders are gods."


In Weyoun's defense, the Founders were his creators.  They were capable of bringing him back from the dead.  Unlike most religions, he had concrete facts on which to base his beliefs.
 
2014-02-28 01:57:51 PM  
And I'm sure the money wil be used to upgrade the system and rates wont get raised bawhahahahahahahahaha
 
2014-02-28 01:58:40 PM  
I'd say it's reasonable for any company to include its costs - handled properly or improperly - on its balance sheet.  The filth here is that they're writing off 7 years of costs in one year's results to get below the threshold set in 2007.
The other nonsense (out of control, nothing will ever be done about it) they  spent $91,974 entertaining lawmakers with Redskins tickets, golf tournaments and steak dinners
In other industries, that right there is worth tens of millions in fines for ethics violations.
 
2014-02-28 01:59:19 PM  
I'm confused. If they've spent the money already on research shouldn't it already be part of the equation that gets them to their profit number? So this bill let's them count every research dollar twice for accounting reasons?
 
2014-02-28 02:04:07 PM  

squegeebooo: I'm confused. If they've spent the money already on research shouldn't it already be part of the equation that gets them to their profit number? So this bill let's them count every research dollar twice for accounting reasons?


Seems like it.
 
2014-02-28 02:07:01 PM  
I don't know if it passed the legislature or not, but there was a bill this session in New Mexico that was also "good for the ratepayers" that allowed the utilities to significantly jack up residential power rates so they could marginally cut rates to 'big' employers (>50 employees) because jorbs.

In effect, lowering the bill of the local Wal-Mart and increasing the bills for the people who shop there.
 
2014-02-28 02:10:11 PM  

squegeebooo: I'm confused. If they've spent the money already on research shouldn't it already be part of the equation that gets them to their profit number? So this bill let's them count every research dollar twice for accounting reasons?


This is Virginia politics we're talking about. Common sense was removed from the equation years ago.
 
2014-02-28 02:10:20 PM  
Isn't Dominion just a paper shuffling company created to serve the energy deregulation market, like Enron? If so, what do they need $280 million for.

Or do they actually produce something?
 
2014-02-28 02:14:12 PM  

FirstNationalBastard: That's okay, it will trickle down on us... er... to us.


Virginia turned into a blue state. Dont think they are following Reaganomics.
 
2014-02-28 02:16:07 PM  
My power hasn't gone out this winter so I guess that's something.
 
2014-02-28 02:19:06 PM  

MyRandomName: FirstNationalBastard: That's okay, it will trickle down on us... er... to us.

Virginia turned into a blue state. Dont think they are following Reaganomics.


Uh, no.  We are purplish.  The state House is still red, senate is even.  Governor has gone back and forth.
 
2014-02-28 02:20:08 PM  
img6.bdbphotos.com
 
2014-02-28 02:20:29 PM  
If the company spent it that should come off the profits as that is a cost of doing business and expenses are part of the gross minus expenses equals net equation. How it was not done in the first place is what I would question and then I would fire my accounting department.
 
2014-02-28 02:20:35 PM  
Wait, wait. Did anybody actually read this article? It says they spent a lot of that money on nuclear energy research. I'm no fan of huge evil power corporations and whatever, but if they really did put that much into research, how is this any different than putting a bunch of money into your IRA at the end of the year so you don't owe tax?

/yeah, I'm a nuclear engineer
//I don't see how that's relevant
 
2014-02-28 02:20:46 PM  
goddamnitsomuch.

mods, please delete stupid post
 
2014-02-28 02:23:09 PM  
Let me clarify:  MY stupid bad file picture post time stamped 2:20:08, from this thread.

Not all of the stupid posts.
 
2014-02-28 02:24:43 PM  
Off topic (possibly still relevant)

Several years ago I worked for a local politician who went down to lobby the Virginia General Assembly on how legislation would impact us, and in specific, a bill pushed through by Dominion.  When my boss raised our concerns to a state senator from his own party, the senator dismissed them and said that wouldn't be a problem.  My boss explained why our local agencies, after significant review, were certain of the negative effects.  To that, the senator said, "well, I'll have to check with Dominion on that."

I'm no cynic when it comes to politics, but that was a hard meeting to walk away from with any kind of optimism.
 
2014-02-28 02:25:11 PM  
Ah, the electric utility industry, combining the worst aspects of Soviet central planning and free-market short-sighted profit pursuit since... Edison I guess.

/not that there's any *good* way to do utilities, AFAIK
 
2014-02-28 02:28:12 PM  
I have come to the conclusion that if the Republicans voted for it's 100% crap! And if the Democrats voted for it it's 50% crap!
 
2014-02-28 02:29:36 PM  
During the last hurricane I was out of power for 8 days. On day 3 a Dominion guy came by and fixed the main line in front of my house, but my service line was down. basically the connector had snapped off. No rewiring, no new line, just needed to reattach. The guy told me he literaly did not have 10 minutes to attach my house back even though he was right there on my pole (hehe) and left.

I know you gotta get the most customers you can up at once, and it is better to spend an hour getting 100 people online than 1 person, but damn...you are right there. I can hand you the farking service line and all you gotta do it snap that biatch back on.

Oh, and on day 5 I get a text "This is dominion. Your power has been restored, and your ticket closed". I had to argue with the farking lady. "My power hasn't been fixed" 'Well it says here that it has'. "I can promise you that it hasn't." 'Have you tried flipping the light switch to make sure it's just not off?' "I don't need to. I know I have no power" 'Well it hs been reported as fixed.' "Why the fark would I lie about this? I. Have. No. Power." 'Maybe it's your breaker box' "It isn't my breaker" 'How do you know? Are you an electrician?' "I know, because my farking service line has farking snapped is on the farking ground where it has farking been for the past 5 farking days and not farking attached to the farking grid like it farking should be! ...Fark." 'Oh....I'll see about getting someone back out there'
 
2014-02-28 02:30:18 PM  

Anayalator: Let me clarify:  MY stupid bad file picture post time stamped 2:20:08, from this thread.

Not all of the stupid posts.


Don't be so harsh on Warrant, they were decent. Cheesy as hell, but they had a couple of good songs.

rymimg.com
 
2014-02-28 02:32:46 PM  
FTFA: McAuliffe (Governor) has not announced a position on the legislation because he's too busy counting his muthfarking money"
 
2014-02-28 02:37:53 PM  

forteblast: Wait, wait. Did anybody actually read this article? It says they spent a lot of that money on nuclear energy research. I'm no fan of huge evil power corporations and whatever, but if they really did put that much into research, how is this any different than putting a bunch of money into your IRA at the end of the year so you don't owe tax?

/yeah, I'm a nuclear engineer
//I don't see how that's relevant


Yes, "research". Like researching the relationship of hookers to blow.

No way in hell they are going to build another nuke plant unless the current grid can't hold the load. Even if that comes to pass, they will rather stich up another 100 yr old coal plant if it saves a nickle.
 
2014-02-28 02:38:57 PM  

meyerkev: So is this a rainy day fund?  Or a "We'd really like to start saving up for the infrastructure replacement/pensions crisis today fund"?

Or is it just "Fark you, we're taking all of the money".

Because the first, I'm sorta OK with.  Depending how it gets used down the line of course.
And the second has issues.


If you bothered to read TFA, you know the answer to your question.
 
2014-02-28 02:44:11 PM  

forteblast: Wait, wait. Did anybody actually read this article? It says they spent a lot of that money on nuclear energy research. I'm no fan of huge evil power corporations and whatever, but if they really did put that much into research, how is this any different than putting a bunch of money into your IRA at the end of the year so you don't owe tax?

/yeah, I'm a nuclear engineer
//I don't see how that's relevant


Almost no one commenting bothered to read the article.  My only problem with what they're doing is that they are allowing 7 years of R&D spending to offset 2 years of profits.  If I tried to spread 1 years' capital gains over 4 years of tax returns, the IRS would have a conniption.
 
2014-02-28 03:18:00 PM  
You are free to not buy their power, and make your own.
 
2014-02-28 03:21:04 PM  

CheekyMonkey: forteblast: Wait, wait. Did anybody actually read this article? It says they spent a lot of that money on nuclear energy research. I'm no fan of huge evil power corporations and whatever, but if they really did put that much into research, how is this any different than putting a bunch of money into your IRA at the end of the year so you don't owe tax?

/yeah, I'm a nuclear engineer
//I don't see how that's relevant

Almost no one commenting bothered to read the article.  My only problem with what they're doing is that they are allowing 7 years of R&D spending to offset 2 years of profits.  If I tried to spread 1 years' capital gains over 4 years of tax returns, the IRS would have a conniption.


The seven year time frame is for when they're writing off wind and nuclear power generation costs not the actual research costs.
 
2014-02-28 03:21:36 PM  

Gentoolive: You are free to not buy their power, and make your own.


What is the sound of the invisible hand clapping?
 
2014-02-28 03:24:15 PM  

Gentoolive: You are free to not buy their power, and make your own.


Strongly considering it.  Who's our resident solar guru?
 
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