United Illuminatings 3Q Profits up 75%

Today was the day I left my office to pay my electric bill at ShopRite on Cherry Street. While I was there it was an opportunity to speak to the desk clerk about local citizens, and business owners. They were kind enough to share their experiences with the power struggle in CT.

The clerk told me that activity at the desk was higher than usual in the last year with more people paying their bill partially. This is consistent with the UI conference call that indicates their "Uncollected Recievables" to be higher.

Despite our personal energy struggles here in town, these higher rates have been great news for UI this third quarter. Even with the UI executives commenting on a warmer winter so far this year over last their per share jump grew by a whopping 75%. Most of these executives focused their time down playing this profit and redirected their conversation to all their liabilities of which include their Milford pollution project of a new power plant part of a 700 Million dollar upgrade in conjunction with Energy Inc. In other words it appears they they are "cooking the books" to hide their shameful 75% profit increase.

Gov. Rell indicated that CT has had its power nearly double over the last 7 years, and the massive UI conglomerate continues to aggressively pursue generation in CT. The DPUC on June 1st 08, is set to rule on the approval of this project, and yet there is still no comment on how these plants are going to produce energy. My concern is that if these projects, like the Norwalk Project now half done is going to be a gas based project.

The North East barely has enough gas to fuel our basic needs let alone power generation. If the construction of these "peak energy" plants, (of which I believe are just a ruse to take advantage of CT's outrageous electric costs) is going to burn natural gas than we will have more of a compelling reason for the construction of a massive LNG nightmare.

UI must be confronted on this as should be Jim Amann who opposed the "Windfall Profits Tax" that Blumenthal proposed. Milford residents keep getting betrayed on energy by politicians like Amann who continue to tell us one thing while deciding in favor of big corporations. Call Jim Amann and voice your opposition to the Milford power plant and the LNG that will soon be associated with it in our sound. Demand the implementation of the "Windfall profits tax."

Hear the entire November 2nd UI conference call at this link: UI 3Q Conference Call.