Attentive NLPC readers were aware of the extent of Exelon Corporation’s activism to gain regulatory favor in support of “green” policies in which it reaped millions of dollars in government grants and mandates, but last week’s lengthy New York Timesarticle about the cronyism-tainted relationship between the Chicago-based utility and the Obama administration revealed a few nuggets.
The story told how Exelon, with top executives as “early and frequent” supporters of the president as his political career ascended, were able to gain more access to the White House than others thanks to their longstanding relationships. According to one Exelon lobbyist, his employer was considered “the president’s utility.”
President Obama said in his State of the Union speech last month that he would not “walk away from the promise of clean energy,” and according to a Politico report, he “doubled-down” on the promise by highlighting (more) commitments to federal grants and incentives for wind energy, solar power and natural gas vehicles in quasi-campaign speeches out West.
NLPC has piled pixels in reporting the crony capitalism and gaming of government regulations by Duke Energy CEO James Rogers, who has favored a political engagement approach to the conduct of business rather than the delivery of services to consumers at affordable prices. That’s how the electricity business works: when you have monopoly control and are guaranteed a profit by your regulators, then you don’t have to worry about besting your competition to earn your customers.