Political Quotes

“Did Peabody Energy Company deliberately unload a bad investment on public power organizations serving 217 cities and villages across the Midwest? Congress must find out because Peabody Energy lured public power organizations into contracts that forced municipal utilities to pay up to twice the market rate for electricity. At a time when private funding could not be had for new coal-fired utilities, Peabody Energy unloaded 95 percent of its investment onto public power customers in what became an almost triple cost overrun, with a coal mine that lasts 22 years, instead of 30 years as promised, and an ashfill that was supposed to last 23 years, and will last only 12 to 14 years. The contract which municipals are tied into forces them to pay for power 42 percent above the market rate, whether the plant is producing energy or not. Billions of dollars were issued for bond financing for the project, and utility customers are vulnerable to huge costs for debt retirement. Wall Street wouldn't invest in the project, so Peabody went to Main Street, and now millions of public power customers will pay sky-high electric rates in what has all the appearances of a swindle. ____________________”