Really? You gotta be kidding. Fracking is a wise Florida Power & Light customer investment? If FPL wants to get into the fracking business, why should customers pay to get them invested?
Their history is not great, charging customers for many years for nuclear plants that were not and will not be built.
Mr. Sam Forest, VP of Energy Marketing and Trading at FPL, has the answer. He jumped in to note that "about $191 million -- not $750 million as reported by the Herald" was approved by the PSC. Actually, the Herald article stated "up to 750 million". Oh well, a million more or less.
The Herald also pointed out that the cost of dry wells and decades of guaranteed profits for FPL on something that is not guaranteed for customers just might be a bad deal. Savings to customers: $51 million to $107 million.
But wait, there's more! FPL stands to make a 10.5 percent profit, customers paying all costs to extract the gas. The savings to customers: 50 cents to $1 over several years. So FPL and stockholders take none of the risks and most all of the profits. The good news is that carbon emissions would be reduced.
Remember, fracking does NOT come without problems. There are explorations, legal matters and rights, dry wells, environmental pollution, pipeline breaks, explosions, and more governmental regulations to come that will increase costs.
According to research by reader Jeff Reuter, the partnership is with a company, Petroquest, that has $5 million in cash and $400 million in debt. As customers, what are our options? Turn off electricity?
However, the PSC did deny FPL an additional $228,500 to lobby against changes in the Clean Water Act. Suppose there was any connection to fracking? And yes, I am a stockholder, but fracking is just plain wrong.