FirstEnergy Ship Sinking – Highest Paid Power Company CEO Goes on Spending Spree

Keryn has all the news over at StopPATH WV.  She lays waste to Tony Alexander and his FirstEnergy “management” team.  WV rate payers get stuck with obsolete coal plants.  Tony buys naming rights to Browns’ stadium.  Think Tony’s getting a personal sky box out of the deal?

Note that Keryn quotes a Cleveland Plain Dealer story claiming that Tony’s spending spree won’t be paid for directly by rate payers.  So what?  It’s all the same FirstEnergy pot of money in the end.  Tony and the “management” team could have invested their shareholders’ money in the future of our electrical system.  Instead they went for the sky box.

Of course, we know what stadium naming did for Enron’s brand:

The ballpark was first christened as Enron Field on April 7, 2000, with naming rights sold to the Houston energy and financial trading company in a 30 year, $100 million deal. Astros management faced a public relations nightmare when the energy corporation went bankrupt in the midst of one of the biggest corporate scandals in American history in 2001, and they bought back the remainder of Enron’s thirty years of naming rights for $2.1 million, rechristening the ballpark as Astros Field on February 7, 2002.[10] The field was unofficially known as “The Field Formerly Known As Enron” by fans and critics alike, in wake of the Enron scandal. [from Wikipedia]

This is why blogging is so much fun.  You couldn’t make this stuff up.

2 thoughts on “FirstEnergy Ship Sinking – Highest Paid Power Company CEO Goes on Spending Spree

  1. Indeed! Blogging about the energy industry is oftentimes the parody that writes itself. It’s so much fun, we even do it for free 🙂 (I’d much rather have chocolate than a skybox for a sucky team anyhow.) Earnings call coming up soon… this ought to be fun!

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