Some Duke Energy shareholders displeased with the company's Obamaphilic behavior 

Duke Energy is probably in competition with GM, Google, and GE as far as being the big business most cozy with the Obama administration. Some conservative activist shareholders hope to confront Duke's CEO about this. In a press release, the National Center for Public Policy Research says:

 

"Rogers must be held accountable for spending company money on President Obama's energy policy, which would tax the use of coal - a fuel source that Duke Energy uses for its electricity generation. It's reckless and dangerous for shareholders and the company's customers for Rogers to support a policy that, according to the President's own words, would make electricity prices 'skyrocket'," said Tom Borelli. 

"Shareholders have a right to know how the company's resources were used pursuing President Obama's radical energy policy. Rogers put significant time and money in trying to pass cap-and-trade legislation and he came up empty since the bill failed to become law," said Tom Borelli. 

Rogers will also be challenged for using the company's financial resources to back the Democratic National Convention. In addition to being a co-chairman of the 2012 Democratic Convention, Rogers had Duke Energy provide the DNC with a $10 million line of credit.

 

I've written about Duke's Obama coziness here and here. As I see it, Duke's coal-fired power plants are typically in markets where they have a regulated monopoly -- meaning they can easily hike prices to cover government-imposed costs. Their nuke power, of course, will profit from a carbon tax or something like it.

 

The story of a company profiting from Obama policies then underwriting his reelection to the tune of $10 million seems a pretty big scandal to me.

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Timothy P. Carney

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