Potato Head Award
Today’s Potato Head Award goes to William B. Timmerman, SCANA Chairman of the Board and Chief Executive Officer (parent to SCE&G) for requesting a rate increase in these economic times. Quick highlights of SCE&G’s 2009’s financial performance: $2.569 billion in revenues yielding $547 million in income. [Information obtained from SCANA's 10-K report found at http://www.scana.com/NR/rdonlyres/40FE6283-D1C3-4560-804A-3670F0F7C22B/0/200910K.pdf.] Translation > for every $1 in revenue, SEC&G makes a profit of 21¢. WOW! Wish we could generate a return like this in these economic times.
Along with the Mr. Potato Head Award, we are present for membership to the “Big Cojones Club” Messrs. Timmerman and Addison, (Jimmy E. Addison, SCANA Senior Vice President and Chief Financial Officer) whose annual compensation [http://www.scana.com/NR/rdonlyres/E406F1AF-30DC-4EAC-8919-F7B4CFFEB422/0/2010ProxyStatement.pdf] is over $5 million and $1 million, respectively. We would be bigger fools than they to think they could relate to us, just as we can’t relate to them. When these folks get so removed from the customers to which they serve, these type issues will arise.
As a compromise might I suggest the following resolution: Identify the average household income of your customer base. Compare it to last year. What ever the delta (change over last period) result, up or down, let’s adjust the utility rate to match that percentage change!
Tags: Public service, SCE&G