If greed is good, as Gordon Gekko asserted in the movie “Wall Street,” then SCANA’s actions to enrich its stockholders and management at its customers’ expense rate an A+. I believe the electric monopoly chose to build two nuclear reactors because their $9 billion cost would maximize stockholder wealth and executive compensation and not because the reactors were economically justified or would provide affordable electricity to its 700,000 customers.
And in the aftermath of Westinghouse’s bankruptcy and the cessation of construction, we’ve witnessed SCANA’s attempts to foist the costs of this colossal failure onto its beleaguered and captive customers instead of on the stockholders, who should bear ultimate responsibility for these nuclear abandonment costs.
Shed no tears for SCANA’s management. Executives have been provided with a veritable smorgasbord of lavish retirement programs (defined benefit pension plan, 401K, key man, etc.), paid for by you, that will allow their retirement incomes to equal or exceed what they earned while working.
It’s time for SCE&G’s customers to recognize that they are considered nothing more than an ATM machine for this mismanaged electric monopoly.
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