Appearing in this month’s King County Bar Association’s Bar Bulletin is an article, “The Toothless Washington Utilities and Transportation Commission,” written by CSEE’s attorney, Larry Johnson. He reveals the real reason why PSE is pushing so incredibly hard to sell “Energize Eastside” with an all-out aggressive PR campaign and fraudulent ads: PSE’s Australian investor owners need the guaranteed 9.8% return on any new infrastructure, thanks to the WUTC and Washington law; PSE’s foreign owners could care less whether the project is needed (which it is not, as we have repeatedly shown here).
A guaranteed return of 9.8% for several years on a $300 million project in today’s markets? Where else can you get a fantastic return like that?
Johnson points out that the WUTC has no power to approve a project like “Energize Eastside” before it is built, only after it is built. By then, of course, all the damage will have been done, so the WUTC’s denying a utility a rate increase to pay for what turns out to be an unneeded project is a meaningless remedy. Not surprisingly, the WUTC has never disapproved any infrastructure project built by PSE.
We need to have a law like other states have, where the WUTC can hold a “public use and necessity” hearing so grotesque boondoggles like “Energize Eastside” don’t get built. Meanwhile, as the article points out, “…something can be done right away under existing law. The WUTC could issue periodic non-binding advisory opinions about any proposed new project before it is built and allow public input before issuing such opinions. There is nothing in existing law to prohibit that. And even with such thin gruel, both the public and the utility proposing the project would get helpful ideas in advance about what the chances are of a project’s approval, thereby hopefully deterring the bad ones.” (emphasis added)
You want to do something to make Washington the “progressive” state you think it is when it comes to energy? Write the WUTC, write the governor, write your elected representatives in the House and Senate in Olympia, and demand they make these changes in the law now!