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| Religion Forum Index » Christian Orthodox Forum » This is Hilarious!! Global cooling hurts Duke Energy... |
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| ~AGG~... |
 Posted: Thu Nov 05, 2009 5:13 pm |
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Global cooling hurts Duke Energy
November 5, 2009
It seems as if Duke Energy CEO Jim Rogers should be lobbying for increased
greenhouse gas emissions.
Rogers is convinced - because his grandchildren told him so - that carbon
dioxide emissions are warming the planet. So Rogers helped form the U.S.
Climate Action Partnership, a coalition of a few big businesses and
environmental groups that lobbies for carbon caps.
Ironically, the very global cooling that Rogers seems to be for is actually
hurting his company's earnings.
According to Duke's the third quarter earnings report,
earnings-before-interest-and-tax (EBIT) for Duke's electric and gas division
decreased:
--$46 million because of unfavorable weather (i.e, a cooler summer);
--$22 million because of reduced industrial demand (i.e., weak economy); and
--$27 million because of the expiration of a temporary rate raise (i.e.,
government granted windfall.
All very interesting since Rogers wants to:
--Cool the planet through carbon caps;
--Weaken the economy through carbon caps; and
--Make up for losses by charging more for electricity.
But for the three factors mentioned above, USFE&G's Q3 EBIT would have
increased by 11%.
Finally, Duke has spent about $10 million since 2008 lobbying for carbon
caps. That's a lot of lost earnings itself spent working against the
interests of Duke shareholders and customers.
Hey Jim, there's a reason children aren't allowed to run the world.
This entry was posted on November 5, 2009 at 11:29 am and is filed under
Capitalism Against Capitalism, Cost of Green.
http://greenhellblog.com/2009/11/05/global-cooling-hurts-duke-energy/ |
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