CLC & CVEC Cost Electric Rate Payers Millions

Cape Cod Electric Rate Payers
Cape Cod Electric Rate Payers
Cape Cod Renewable Energy Costs Unknown Out of Control CLC   "During its existence, the compact has cost ratepayers tens of millions of dollars more than if they had all been purchasing their power directly from NStar, which is the region's electricity distribution company, Powicki said."    "Cape and Vineyard Electric Cooperative and argue that the organizations have left the public in the dark on financial transactions involving ratepayer money."     http://www.capecodonline.com/apps/pbcs.dll/article?AID=/20140312/NEWS/403120326
Frank Haggerty March 12, 2014 at 08:20 AM
How about those REC's by the Cape Light Compact, and why I believe that other members of the public should take an interest: 1. The volume of REC transactions is very large. As of the calendar year end of each of the years for which Audited Financial Statements of the Cape Light Compact have been provided (three years only), the Compact reported the following “Maximum Base Commitments” to buy or sell REC’s (see “NOTE 10: Commitments” in the CLC audited statements: 2009 2010 2011 $7,728,841 $6,145,552 $2,783,485 2. The Cape Light Compact appears to have lost a great deal of money on REC transactions during the three years reported in the audited financial statements (all figure relate to amounts reported in the Power Supply Reserve Fund, not including amounts attributable to the “CLC Green” program. See “Combining Statement of Revenues, Expenses and Change in Net Assets” in the CLC audited financial statements): During just this three year period, the Cape Light Compact reported losses totaling $800,500, as follows: 2009 2010 2011 $38,797 $(467,407) $(371,890)


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