Robber Baron Progress Energy

Nuclear power plant.

Progress Energy customers' money up in smoke

The last time I checked, Progress Energy (PGN) stock was selling at $45, which is about the same as the MONTHLY increase Progress Energy pushed through onto the backs of all their customers.

If Progress Energy was a state-owned enterprise, this would be a tax increase. Because Progress Energy is a for-profit company, this increase only serves to inflate their profits.

Last year, Progress Energy earned $856 MILLION in profits.

Progress Energy found that they could not find an investor to go in with them to build a power plant. So instead of selling new stock to investors who would expect a return on their investment, Progress Energy turned to a rate increase on their customers, who will not see any profits on their money.

In this free-market democracy we live in, Progress Energy should, at the very least, issue company stock to rate payers for the extra money they are shelling out for a future power plant that will ensure continued profits to stockholders of Progress Energy.

At the very best, Progress Energy stockholders should take less profits for a while if they want to build a new power plant that will earn even larger profits later. This is how small businesses in America operate; at least those without well-paid lobbyists influencing government.

<IMHO> Fred Jacobsen

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