(FERC) Regulators to aid hurricane-hit utilities (unprecedented)

[UpInArms]

http://www.marketwatch.com/news/story.asp?guid=%7B33D5AF93%2D00DB%2D4DAB%2DB524%2D2E0EB12AA3F6%7D&siteid=mktw

WASHINGTON (MarketWatch) -- Federal energy regulators are prepared to help hurricane-battered utilities recover costs to repair their power systems, a move that could set a precedent.

"We'll be open to requests at the federal level to consider cost recovery in the wake of hurricane Katrina," Federal Energy Regulatory Chairman Joseph Kelliher said Tuesday.

The commission regulates the interstate transmission of electricity, and wholesale sales of electricity in interstate commerce.

Kelliher said that neither Southern Co. (SO: news, chart, profile) nor Entergy Corp. (ETR: news, chart, profile) -- the two utilities with electric systems hardest hit by the hurricane -- have indicated that they will seek federal aid.

"But I don't want to rule out the possibility that we might get a request at FERC to help in cost recovery," he added.

...more...

Look for utility costs to soar while they have one hand in the treasury and the other in your pocket.

[htuttle]

1. Socialize the costs and risks, privatize the profits and benefits

...it's the Republican Way.

[Joe Chi Minh]

6. That's a wicked insight. But, unfortunately, absolutely true,

isn't it?

[Tempest]

2. Corporate welfare good

Social welfare bad

[WhiteTara]

3. time to set up those solar panels! n/t

[Wilber_Stool]

4. Can you spell freeloader?

[ladylibertee]

11. Yes freeloader is spelled G O V E R N M E N T freeloader

[barb162]

5. where the fuck is their insurance? All utilities carry insurance

unless they had such big deductibles or something else(underinsured??) such as flood sublimits that they are out of luck

[Joe Chi Minh]

7. Couldn't afford flood cover... The poor shareholders.

[jpak]

8. Southern Co and Entergy are MAJOR GOP contibutors...

that will greatly benefit from ChimpCo's so-called Energy Bill.

Doesn't surprise me one bit.

Gee, who is going to get the screwing here????

any guesses????

[pushycat]

9. Contributors first,

the rest, maybe. yep taxpayers will pay for these subsidies, consumers will pay after that. double whammy

Waiting for any good news from bushco

[mom cat]

10. bingo!