ECP Bonanza
If you have the patience for it, Electric City Power Board meetings can be a kind of sublime comedy, one where only the most superficial issues are discussed, matters of substance skirted with precision, and then an occasional stumble and an embarrassing revelation.
So it was last night, when the Board was mum on anything to do with the Burns & McDonnell report, and where the largest part of the meeting was an informative but completely non-germane show-and-tell by board member Lee Eberling about his recent visit to the Judith Gap Wind Farm. I am sure I could see Mr Doyon thinking: Wait, what does this have to do with ECP?
In the course of the evening, Mr Eberling suggested that members of the public had said BBB was a junk-bond rating at November’s ECP meeting. I consulted my records of that meeting, as well as the Board’s own minutes, and not a single person suggested the BBB rating was tantamount to “junk bond” status. Mr Eberling is quite simply mistaken. What members of the public did point out was that a BBB rating hovers precariously above junk-bond status (some people don’t count BBB- as “investment-grade”). And also that SME likely only got an investment-grade rating at all because of representations that the City was a partner whose governmental credit could be depended upon. This tactic — the whole raison d’etre for the City’s involvement, after our hoped-for customer base dropped out — is in plain sight in the auditors’ comments detailing SME Board minutes (minutes which were kept secret from City taxpayers), which Gregg detailed earlier.
Also, Mr Eberling let it be known that he would like to be reappointed. (His term expires at the end of this month.) Ms. Balzarini said he should make that intention clear this week because the city commission meets next Tuesday.
Whoa there nelly! With respect to Mr Eberling, I think any reappointment by the outgoing city commission would leave an extremely bad taste in everyone’s mouth. I think the practical outcome of the city election should be some diversity of opinions on the ECP Board.
During public comment, Ron Gessaman got a bit testy — par for the course — over the number mentioned in an auditors report given to the city commission that the total HGS investment had only been $20 million. Ms Balzarini volunteered an explanation. At some point, $20 million was designated as Southern’s investment and $20 million was SME’s — which equals $40 million. Well, then. Surely, last night was the first time I’ve heard that claim. Readers will recall that this Blog was interested in just this information about the SME/Southern division of assets. I tried to get it through publicly filed IRS Forms 990, which the City as an SME member should have on file. But in response to straightforward questions on the matter, Ms Balzarini provided circular and purposefully unhelpful answers, which managed to evade the question completely.
Oh and by the way — Rumor has it that a certain Tim Gregori will be in town on Wednesday, lobbying his heart out.
“Oh and by the way — Rumor has it that a certain Tim Gregori will be in town on Wednesday, lobbying his heart out”.
Thankfully, he has been away for awhile probably stirring up a fresh batch of Cool-Aid for the city staff and commissioners to feast upon.
Mary Jolley has been the lone dissenter refusing to drink from his cup. By the way, she happens to be our only, current, representative WITHOUT a fried brain as a result.
Travis: Are there two ECP Board positions open? I agree that it woul be in poor taste for the current City Commission to make an appointment before the end of the year. But then again………..that has not kept them from doing some mighty hard to “magine”things in the past. I would say “dumb”things but I don’t want to insult anyone.
Thanks Travis for your vigilance and engagement. Most fascinating about
these ‘relevations’ about all the entitities………..
Yes — there are 2 vacancies: George Golie’s (who is “termed out”) and Lee Eberling (who notionally could be reappointed).
Thanks Travis! How and when (and IF) does a person apply for the ECP Board?
Want to join ECP? ‘Kiss the ring’ at silly hall……….
“auditors report given to the city commission that the total HGS investment had only been $20 million. Ms Balzarini volunteered an explanation. At some point, $20 million was designated as Southern’s investment and $20 million was SME’s”.
Hmmm, let see-gregory says he spent 40 Million total on HGS. The auditors say he spent 20 Million total on HGS, so where is the other 20 Million? In a Swiss Bank account or where? Why was not Gregorei able to cough up the other 20 Million worth of, supposed, expense receipts. He has lied to everyone he comes into contact with and they all willingly slurp down the snake oil Cool_Aid he freely serves ending up looking like the fools they certainly are.
Happy New Year ECP and SME suckers!
Why was not Gregori able to cough up the other 20 Million worth?
To run a large complicated scam you have to spread the wealth and lock in your key operatives. This keeps all the little fishes swimming in a school, even when predators come around.