Have you been wondering what all the TV advertising and flyers received in the mail about the repeal of House Bill 6 – the corporate bailout of First Energy – is all about?  Well, we received a tip from a citizen lobbyist that there is a movement afoot to repeal the recently passed House Bill 6, and the big money people are pulling out all the stops.

Here is an article in Cleveland.com that explains what is happening:
https://www.cleveland.com/open/2019/09/ohio-nuclear-bailout-defenders-deploy-ground-troops-to-thwart-repeal-efforts-signature-collection.html

This has been a complicated issue for LFC to really understand, but here is something that we do understand.

(1) The ‘generation’ side of the business loses money and requires taxpayers to subsidize it in order to stay afloat.  Then they turn around and pay property taxes to the various political sub-divisions, and the taxpayers are required to “genuflect” at the altar of big business.  Lake County communities have become dependent on the property taxes received from the Perry Plant.  They have spent money like there was no tomorrow, and now are faced with the dilemma of what to do if the Perry Plant closes.

(2) The ‘distribution’ side of the business makes a ton of money, and pay their executives 7 figure incomes with substantial benefits added on top. (That is not a typo – 7 figures, as in $1,000,000+ per year)

It seems to us that the deception played on the taxpayers occurred when the federal government separated the nuclear power business into two entities.  They let the taxpayers foot the bill for the government regulations on the ‘generation’ side of the business, and the savvy, “well-heeled” executives get to scoop the cream off the top of the distribution side of the business.

Categories: Lake, Uncategorized

Tags: FT