Below are summarized sections and also direct quotes of a transcript from the 2nd Quarter 2009 Earnings Teleconference For American Electric as they pertain to PATH.
According to CEO Michael Morris - PATH is already in the bag. Like stated earlier - It's all about the money for the PATH players. Direct quotes from Morris are in blue italics.
Mike Morris:
"The PATH project which is greatly needed to decongest ... PJM, when you look at the capacity market price is on the congestive side versus its non-congestive side, you could see why East Coast customers would be eager to have that happen. It is moving along relatively rapidly in front of State Regulators. ...they have received their fort [ph] approvals. We think that that line will be up and running by 2013, 2014..." It is nice to know that PATH is "moving along quickly" being that the first hearing hasn't even taken place. SOMETHING STINKS. Or maybe it already is a done deal?
Governor Manchin - care to comment on that?
Mike Morris when questioned on significant legal or litigation challenges to PATH:
"At the end of the day, there will only be, please don’t put this in my backyard which I am not uncommon, but I don’t think you are going to find any significant legal challenges that will delay any of that activity. Once you receive final authority from the FERC which we have and ultimate authority from the states and the alignments, then you will move into an eminent domain world where the augment really gets down to what’s my property worth and there are longstanding methods to take care of that." (They assume that PATH is already in the bag people. See how he mocks you? "don't put this in my backyard" - real compassionate. His disdain for the lower class people is obvious in the below quote as well).
Mike Morris on how he wishes for people to be hot and miserable so that they have to fork out more money for electric bills. TRANSLATION: American Electric can ultimately profit from the discomfort and economic plight of the citizens (as understood by PATHLLC):
" there are no secret that its been pleasantly cool in the East anyways in July, we hope that August brings some blistering weather for all of our customers who love the comfort that we provide them." Mike - you are an asshole. Your disdain and lack of compassion for people who may be happy to be saving a little money right now, with the declining economy - is appalling. (statement issued by PATHLLC as a statement of opinion and in our opinion- apparently also a statement of fact).
In case you missed it on the previous page, here is a link to this chump's picture and bio:
http://www.aep.com/about/leadership/profile.aspx?id=Morris
The court of Appeals in Arkansas has rejected proceedings for the Turk Plant. So now American Electric and the Arkansas PSC (guess this PSC isn't on the side of the people either) have petitioned the court directly to "correct" that judgement. It sure looks like the power companies are trying to take over land everywhere and are willing to find any loophole.
Mike Morris:
"At the end of the day, let’s presume that the Supreme Court says, now we think the court appeal has got it right. We will simply refile the project as a transmission in power plant to be benefit of the demand ." Same old -"benefit" excuse.
And here are some statements from CEO Mike Morris regarding their role in the Senate. Too bad big business has their hands in the government.
"we felt that it would surely to the plus side for the benefit of our customers and to address the global environmental challenge. Not to say that they weren’t things that we need to be fixed as we get to the Senate." and "logical back up authority in the Eastern States is just about (inaudible) that will get fixed in the Senate. On the Senate side, we are encouraged by the energy bill that Senate Bingaman has been working on."
I wonder if this has anything to do with Joe Manchin wanting to be in the Senate? Hmmmm.....(www.PATHLLC.org)
"We believe that the energy bill may stand on its own, it will be interesting to see if the Senate can pull together enough votes to do in total global warming as well as the Senate Energy Bill. I worry a great deal about the Senate and the White Houses’ comments ...."
Mike Morris on Coal Piles and the current cost of coal for American Electric:
" we think that the coal suppliers (words omitted to comply with copyright policy), are a little bit bullish on their view of 2011.."
Disclaimer: We encourage everyone to read the entire transcript in order to interpret and form your own opinion on the dialogue. We at PATHLLC wonder why so much emphasis is placed on voting and politics when clearly big business has gained control of the United States.
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