To the Editor:
Utility companies currently have record low financing rates and fuel costs and record high executive compensation. Many families in eastern Kentucky were past the financial breaking point even before COVID-19. Utilities like Kentucky Power are monopolies that must incorporate the public good in doing business. This is not the time to impose rate increases that will devastate low-income homes with children and seniors.
Kentucky Power’s net metering proposal also tragically reduces the value of rooftop solar. It would block eastern Kentuckians from benefiting from the advancing revolution in clean solar technology.
The current Kentucky Power rate request and attack on solar demonstrates a failure of the parent company, American Electric Power (AEP), of even reasonable business planning. For nearly 40 years, demographic science has shown the need for utilities to plan for a smaller customer base in eastern Kentucky. For nearly 40 years, climate science has shown the need to move beyond fossil fuels.
Even AEP has admitted that climate change remains a significant risk. Had their highly paid executives properly planned, they would not be asking eastern Kentuckians to now pay for their business blunders. What kind of leadership have these millionaire executives demonstrated? Only a monopoly could be given a 40-year guidebook to the future of its business, fail to properly plan, and now ask the customers to pay more money.
Luckily, we can still stop them. Go to kftc.org/kentuckypower2020 to leave a public comment opposing the rate increase.