In the face of the climate emergency, this is the time of our Phoney War. Most of us know the battle for our lives must soon get underway, and most of our leaders in government and industry are now talking tough on climate. But in deeds, they aren’t there yet.
Among the many barriers we face to a genuine climate emergency plan is a fossil fuel industry that has insidiously used its economic and political power to stall meaningful action. If this story has a villain, it is the oil and gas corporations and their leaders (not their workers) who outright lied for decades about the truth of climate change, and more recently have done everything in their power to systematically delay and divert the need for climate action. The fossil fuel industry, in pursuit of its financial self-interest and preservation, has become expert at preying on our fears, misgivings and desires.
UpdatedFri, May 14, 2021 at 10:25 am ET
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Some residents of Tariff Street were evacuated Thursday night after a gas line became charged with electricity, according to fire officials. (Tim Jensen/Patch)
ENFIELD, CT Some residents of Tariff Street were evacuated Thursday night after a gas line became charged with electricity around 8:30 p.m., according to a fire official.
Thompsonville Fire Chief David Deskis said Eversource Energy disconnected utilities during the situation, with hopes of the problem being resolved Friday morning. Some residents of the multi-unit building spent the night with their families, he said.
A representative of the Enfield building inspector s office was at the location around 10 a.m. Friday.
As the Biden administration pushes its American Jobs Plan and clean energy agenda, utilities will be cast in a leading role. Utilities in constructive regulatory environments with timely cost recovery and attractive returns on investment have a big growth opportunity under President Joe Biden s ambitious plans. For those in less constructive regulatory environments, however, more investment could constrain cash flow and become a liability.
Eversource Energy is well positioned to benefit from the infrastructure investment that will be required as the Northeast moves toward a carbon-free energy mix. Offsetting this growth potential, however, is a challenging regulatory environment that we don t think the market appreciates. Connecticut has a long history of favoring customers over Eversource s investors. This is a key reason that Eversource is one of the few utilities we cover with no economic moat. We re hesitant to assign any incremental shareholder value to what we estimate could b
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Kids in Massachusetts received propaganda from a local utility extolling the virtues of natural gas. On Twitter last week, Cambridge, Massachusetts resident Gleb Bahmutov shared photos of two different booklets he said his son brought home from elementary school that were produced by Eversource Energy. The pictures Bahmutov posted show activities in the booklets (one of which is titled “Natural Gas: Your Invisible Friend”) that encourage kids to identify appliances in the house that are powered by natural gas and complete a simple maze leading from gas stores underground to homes and factories. According to Bahmutov, the booklets contained no mention of climate change.
Eversource Energy factored a possible $30 million charge from the Public Utilities Regulatory Authority into its quarterly earnings this week, noting that the proposed fine intended as a penalty for the utility s performance during Tropical Storm Isaias last year could be passed on to shareholders in the form of reduced earnings.
In announcing first-quarter net income of $366.1 million on Monday, the energy conglomerate disclosed that the Public Utilities Regulatory Authority’s proposed sanction which includes $28.4 million in ratepayer credits and a $1.6 million fine to the state could cost 7 cents per share after taxes.
During a conference call with analysts, newly-appointed Eversource CEO Joe Nolan said he was personally distressed by PURA’s report on the company’s preparation for and performance during and after Isaias, which found that Eversource did not meet certain accepted performance standards and, through oversights, opened up risks to public safety.