The winners of this Sweet investment deal for Puget Sound Energy are:
The PDF file is an excerpt from PSE's Schedule 14(a) filing made last February with the SEC per the requirements of the Securities and Exchange Act.
A group of foreign investors, led by Macquarie Bank of Australia, is seeking to purchase Puget Sound Energy, and since it will be a privately owned corporation, the details of its operations will not be available to the public.
Many citizens are concerned about Macquarie's
STOP PUGET SOUND ENERGY FROM SELLING OUR RESOURCES TO FOREIGN INVESTORS. TIME IS RUNNING OUT TAKE ACTION NOW.
and accounting practices with the potential for problems they could cause.
Must read article and watch Video CNBC stock analyst provides an explanation of Macquarie's shakey Enron-style accounting.
PSE's infrastructure could fall into disrepair or be sold off
PSE's rates could increase faster than the cost of energy
Buyout of our water utilities and other infrastructure could be next
Economic growth and job security could be jeopardized throughout Washington State
Macquarie's Past
Comments made by informed observers in the wake of previous Macquarie deals:
In TheGuardian (London, UK), Will Hutton quotes on unnamed Australian executive as saying that Macquarie's approach is to "hollow what it holds and walk away".
In 2002, Australia's electricity code administrator accused a Macquarie subsidiary of minimizing power output solely for the purpose of maximizing profits.
In the July 2007 edition of the The Monthly, Australian journalist Gideon Haigh stated that Macquarie is in "the business of privatizing mature businesses and ratcheting up their returns with liberal applications of debt".
For those who attended the UTC hearing in Bellingham...
CONGRATULATIONS!
You served yourselves and your respective communities well.
Generally speaking, the turnout was better than expected and the testimony was serious, passionate and, at times, colorful. No stone was left unturned and the consensus was unanimous . . . PSE customers do NOT want Macquarie owning or having control over the utility's operations or assets -- especially the Baker River dams!
Does that mean we can sit back and hope that the three UTC Commissioners will render a favorable decision? Not at all. They must abide by the law, but beware: the intent of the law is occasionally skewed by cunning individuals and/or corporate entities with deep pockets. We must be prepared to offer another option.
If you were at the hearing, you might have noticed that the Commissioners picked up their pens whenever anybody hinted at the possibility of a Public Utility taking over Puget Sound Energy. They know that Washington State law allows public utilities to condemn private utilities that constantly demonstrate an inability or unwillingness to adequately serve customers, thereby putting them in harm's way.
Some of us have experienced long-lasting PSE power outages that necessitate the disposal of frozen food or that forced us to move in with friends or relatives to stay warm. And others are aware that adverse economic impacts on small businesses can be devastating in these situations. When utility boards outsource emergency service to independent contractors, a degree of control is lost and customers suffer as a result. Are we willing to outsource PSE management to a foreign corporation that almost makes Enron look like the kid who robbed the cookie jar? Obviously not!
What You can Do Now!
1.
Click the link below to send an email to the Utilities Commission.
For those who attended the UTC hearing in Bellingham...
URGENT - Comments Due This Week!!!