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Energy NetLast week's revelation that the proposed STP nuclear expansion may cost $4 billion (31 percent) more than expected, is a blessing and an opportunity for San Antonio.
Courageous leadership is now needed, especially in light of the apparent attempt by CPS Energy management to hide this information before a council vote.
If this news had not been discovered, ratepayers would have been saddled with $400 million more for nuclear paperwork, setting a path for billions more in uncontrolled spending.
Warning about CPS debt, bond-rater Moody's dropped CPS' outlook from “stable” to “negative,” and noted council must be readily willing to raise electric rates.
How high will rates go? The cost overruns imply nuclear costs of 13-15 cents/kWh — much higher than projected.
What to do now? A completely fresh start is needed.
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