What a coinkydink
Friday, May 1, 2015 - Posted by Rich Miller
* ComEd lobsters always say there’s a “firewall” between parent company Exelon and their company. But their paychecks say “Exelon” on them and now we find out via Crain’s that ComEd CEO Anne Pramaggiore’s pay is partially tied to Exelon’s performance…
In 2014, 25 percent of Pramaggiore’s cash bonus was tied to Exelon’s operating earnings per share, with the remainder dependent on operational achievements at ComEd, according to an April 28 Securities and Exchange Commission filing.
Last year, Pramaggiore’s total compensation just exceeded $2 million. Nearly half that amount—$974,888, including a salary of $585,271—was in cash. But Pramaggiore’s annual cash incentive payment dropped 22 percent to $371,064 from $473,280 the year before. […]
Beginning in 2013, her cash bonus began to be based in part on Exelon’s earnings at an unspecified percentage, according to a filing.
Coincidentally or not, in recent years ComEd has been less shy about lobbying for or against changes to state law that would help or hurt Exelon’s power plants but would have little bearing on ComEd’s operations.
The most obvious example is Exelon’s pending bill to slap a surcharge on electric bills statewide in order to funnel up to $300 million in additional revenue to its six Illinois nukes, three of which are losing money. ComEd’s potent lobbying army is working on lawmakers in Springfield to approve the measure, along with a separate ComEd initiative on green energy that environmentalists say is aimed at helping the nukes by thwarting greater energy-efficiency gains proposed by a coalition of greens, clean energy companies and consumer advocates, along with Chicago Mayor Rahm Emanuel.
* Meanwhile…
With Illinois lawmakers discussing a major overhaul of state energy policies this spring, a group of downstate representatives and senators said Thursday they want to make sure the coal industry has a seat at the negotiating table.
In an announcement Thursday, a coalition of Republican and Democratic lawmakers from south of Interstate 80 said they plan to introduce legislation that would jump-start the Illinois coal industry, create 8,000 new jobs, save electric ratepayers as much as $700 million per year and reduce carbon dioxide emissions. […]
The proposal outlined Thursday seeks to make it cheaper for Illinois power plants to burn Illinois coal by removing regulations that allow electric companies to shift the cost of importing Western states’ coal to electric customers.
The proposal also would establish a revenue stream that could pay for scrubbers that would reduce environmentally harmful emissions. […]
Standing with the lawmakers at Thursday’s Statehouse press conference was Roger Dennison, the lead lobbyist for Foresight Energy, a St. Louis-based coal mine company.
Foresight has contributed more than $185,600 to Illinois politicians since Jan. 1.
* And…
A coalition of business groups and one of the largest phone providers in the state are trying to move away from mandatory investment in old landlines.
The Illinois Telecommunications Act requires phone companies to offer landline phone service. The law expires this spring, and AT&T Illinois president Paul La Schiazza said in a Statehouse news conference Thursday that the law needs to go by the wayside. […]
“The phone industry rakes in billions of dollars a year,” [CUB spokesman Jim Chilsen] said. “It can afford to support a healthy phone market for consumers, whether they like high-tech options like smartphones or whether they want their landlines.” […]
Chilsen said old landlines are the primary and most dependable option for many, especially people living in rural areas or on fixed incomes. AARP Illinois associate state director Julie Vahling said the elderly are another vulnerable group.
- Outsider - Friday, May 1, 15 @ 1:23 pm:
Illinois has one of the largest deposits of coal on earth. That we have allowed coal to be shipped into Illinois and burned at Illinois plants - taking jobs and revenues from Illinois - is the poster child for bad governance. The U of I should be the world’s leading research center for clean coal technology. It makes no sense that the government subsidizes alternative energy sources that are NOT economically viable when that same money can be effectively spent on proven, scrubbing technology that would allow us to burn our God given resource. This bill is GOOD GOVERNANCE!! What is missing from your comment in re lobbying fees are the fees paid by the TWO companies that were able to get the non-competitive subsidies in the first place. Shame on everyone associated with that.
- Stuff Happens - Friday, May 1, 15 @ 1:31 pm:
We have a copper landline through AT&T for the fax machine and because Comcast VOIP is always failing.
However, we can’t haven’t been able to make any changes to the line because AT&T acts like it doesn’t exist. No long distance bundles, no caller id, nothing can be added — if we want those, we’re told, we have to switch to VOIP.
So yeah, they’re offering it. But you can’t do anything with it.
- Wordslinger - Friday, May 1, 15 @ 1:43 pm:
“Firewall,” lol. Those guys will say anything.
- Frank Ambrose - Friday, May 1, 15 @ 1:44 pm:
Like I commented a few weeks ago regarding internet service in rural areas, both wired and wireless. Any Internet Service Provider in Illinois should be required to offer the same plans at the same costs to ALL Illinois residents. The basis of this would be the Feds push for the rural electrification act. Reliable, unlimited and equal cost Internet service is no longer a luxury, do to government reliance on the Internet to provide information it has become a necessity.
- Anonymous - Friday, May 1, 15 @ 1:46 pm:
Well knock me over with a feather. I’m just stunned. Say it ain’t so. Next thing you’re going to tell is that there are campaign contributions from ComEd in support of Exelon initiatives.
- Precinct Captain - Friday, May 1, 15 @ 1:47 pm:
==- Outsider - Friday, May 1, 15 @ 1:23 pm:==
Coal isn’t competitive on pricing these days. It’s called the market. Quit whining about subsidies as well. The entire energy sector gets them. The government was ready to subsidized the Taylorville place to the tune of $3 billion dollars–and that was just upfront! The Energy Policy Act of 2005 included $9 billion for coal subsidies according to a 2009 report from Taxpayers for Common Sense.
- Soccermom - Friday, May 1, 15 @ 2:09 pm:
You say there’s a firewall? I say ha!
https://www.youtube.com/watch?v=7raNGbD8lT8
- sss - Friday, May 1, 15 @ 2:14 pm:
So, “Outsider,” or Foresight Energy, whatever you want to call yourself, you seem to agree with the Heartland Institute w(coal interest group you may partially fund) who had the gall to go to the Pope this week and tell him that we have a religious duty to pollute?
- Senator Clay Davis - Friday, May 1, 15 @ 2:20 pm:
The lack of firewall between the units of Exelon is kind of an open joke. ComEd has been doing the bidding of Exelon nuclear for years, opposing bills that would benefit the ComEd side of the business, just because the nuclear arm of the company opposes it.
Their lobsters don’t even seem to hide it anymore. Sometimes they get even confused and tell you theyre working for Exelon before sloppily trying to correct themselves “uh, I mean ComEd.”
- Anon221 - Friday, May 1, 15 @ 2:39 pm:
And just a few years ago:
http://www.chicagobusiness.com/article/20130711/NEWS11/130719967/comed-execs-getting-exelon-stock-again
BTW: from WUIS
+ Smart grid
HB 3975, Public Act 98-1175 The timeline of the so-called smart grid program has been extended by legislation sponsored by Rep. Brandon Phelps, a Democrat from Harrisburg. It paves the way for electric utilities to charge customers higher rates through 2019 — two years longer than originally planned. The measure was approved in the previous General Assembly, but legislative leaders held off on sending it to then-Gov. Pat Quinn, presumably because he was expected to veto it. Gov. Bruce Rauner signed the bill into law on April 3. ComEd and parent corporation Exelon are seeking additional favorable legislation this spring, including what critics say would be a bailout of Exelon’s nuclear operations.
- Judgment Day - Friday, May 1, 15 @ 2:56 pm:
Why would anybody expect anything else from A.T.&T? Those old land lines require capital investment to ensure reliability, and they can’t jack up the prices for old land line services.
A.T.&T.’s goal is to shyster everybody into using wireless. Reliability, not so much.
It’s all about data plans. And lots more money - You pay, they make.
And A.T.&T. is so ethical anyway:
https://www.techdirt.com/articles/20150430/09505830839/att-fined-yet-again-shady-behavior-this-time-milking-low-income-lifeline-program.shtml
https://www.techdirt.com/articles/20150430/05224230837/that-20-mbps-broadband-line-we-promised-actually-300-kbps-enjoy.shtml
- Qui Tam - Friday, May 1, 15 @ 3:05 pm:
What JD at 2:56 says
On the AT&T landline end, they aren’t actually losing money, they recover their costs plus. They just aren’t making the exorbitant profits that they make from their high-dollar and unreliable “advanced services”.
- Outsider - Friday, May 1, 15 @ 3:18 pm:
My comments in re subsidies were only about a “subsidy” that allows out of state coal to be sold in Illinois. Coal is and will continue to be burned at Illinois Power plants. The only question is: will it be Illinois coal - it should be.
- Going nuclear - Friday, May 1, 15 @ 3:21 pm:
The proposed legislation to help Illinois coal is a head-scratcher. I wish there were more details on how it will work.
The bill seems to be targeted towards the older, downstate Ameren and ComEd coal plants, which are now owned by Dynegy. These plants converted to western coal years ago to reduce their sulfur emissions. The increased fuel costs for importing the low-sulfur western coal were passed on to the utility customers through the fuel adjustment clause.
Dynegy is an independent power producer. Why can’t it pay for the upgrades and save on fuel costs? Money doesn’t seem to be an issue; the company has been purchasing coal plants in other states.
It makes me wonder whether electricity deregulation in Illinois was a smart thing.
- BEST Dave - Friday, May 1, 15 @ 3:57 pm:
Outsider, I understand your point, but there are technical reasons why, once a plant is burning PRB, they can’t just switch back to Illinois coal without meaningful changes to environmental controls. Read $$$. Different scrubbers for different coals. IL coal is super high in sulfur. PRB is high in mercury. Different technologies pull out each of those.
- MrJM - Friday, May 1, 15 @ 5:20 pm:
Much like the “firewall” between my left-hand pocket and my right-hand pocket.
– MrJM