>Brookings Oregon News, Sports, & Weather | The Curry Coastal Pilot

News Classifieds Web
web powered by Web Search Powered by Google

News arrow News arrow Business arrow POWER COMPANY ASKED TO REDUCE RATES

Print

POWER COMPANY ASKED TO REDUCE RATES

By Valliant Corley

Pilot staff writer

PORT ORFORD – One of the three newly elected members of the Coos-Curry Electric Cooperative board kept insisting Friday that the co-op immediately give a rate reduction to its members. That came following a presentation that showed the co-op currently with $1 million more than budgeted for this year.

"We're doing good right now, so let's give some back," said John G. Herzog, who represents the Brookings-Harbor area on the board.

"This is one of the good years. We've had some not so good," Chief Financial Officer Doyle F. Eden said after giving the monthly financial presentation.

"After seeing our financials, we had issues with our rates and stuff," Herzog said. "I think we should address this today."

Chairman Daryl Robison, also a new board member, had earlier said that the board would be in a position by its November meeting to know if the money is there to reduce rates.

"There's also a discussion of giving free kilowatt hours (to members) instead of reducing rates," Robison said.

Board Vice President Grant Combs, of Myrtle Point, said the board should first do better research on the effect a rate cut would have.

"Will we do it in the budget for next year or do it for the rest of the year," Combs said.

"We've been saying we're going to do it," Herzog said.

"It has to be an orderly process where we take in all the factors," said Board Treasurer David G. Itzen, who also represents the Brookings-Harbor area.

"I'm tired of orderly," Herzog replied.

He was asked what if costs go back up for the next year.

"We can give it back and take it back later," Herzog said.

"We have to wait and see," Itzen said.

General Manager Werner Buehler said the staff is working on a budget to give a rate reduction.

"We're heading toward that policy," Buehler said. "I support that 100 percent, but I won't support that without an orderly process. I don't want to go back next year and say we have to raise them."

Buehler said the co-op's staff would make a presentation by the November meeting when the budget is discussed.

"It's not going to happen under my watch until we know the whole effect," Buehler said.

"We're going to make a decision," said Gary Schlottman of Gold Beach, another of the new board members.

"I know it's really frustrating," Itzen said. "We're working toward what we are going to do."

"I don't want Werner (Buehler) to think he's got all that money to spend," Herzog said. "He's good at that. Look at all those (new) trucks out there," Herzog said pointing out the window.

Herzog, a UPS driver, said the cuts should be made now.

"If it's in the truck, you deliver it that day," he said.

"I'm putting on my black hat," Herzog said. "It's black hat day."

Print

Business News by Yahoo Finance

  • Alibaba surges 38 percent on massive demand in market debut
    Alibaba Group Holding Ltd's (BABA.N) shares soared 38 percent in their first day of trading on Friday as investors jumped at the chance for a piece of what is likely to rank as the largest IPO in history, in a massive bet on China's burgeoning middle class. It was an auspicious debut for the Chinese e-commerce company, which was founded by Jack Ma in his apartment in 1999 and now accounts for 80 percent of online sales in China. About 100 people gathered outside the New York Stock Exchange at Wall and Broad Streets, many of them Chinese tourists with cameras, and they cheered and snapped photos when Ma exited the building with the kung fu star Jet Li. Some 271 million shares changed hands, more than double the turnover on Twitter Inc's (TWTR.N) first day last year, although still short of volume for the General Motors Co (GM.N) and Facebook Inc (FB.O) IPOs.
  • Wall St. flat as Oracle takes air out of Alibaba debut
    Alibaba (BABA.N) took the spotlight after its initial public offering priced at $68 a share and rose as high as $99.70 before ending the session up 38 percent to $93.89. Shares of Yahoo (YHOO.O), which is selling part of its Alibaba stake but will remain a top shareholder, were volatile in heavy volume and closed down 2.7 percent at $40.93. "Alibaba was awesome. The Alibaba deal was done correctly, which is, you leave something on the table for investors to enjoy," said Phil Orlando, chief equity market strategist at Federated Investors in New York.
  • When music stops for Oracle CEO dance, Catz may grab Ellison's chair : analysts
    If Larry Ellison sailed off on his yacht for good tomorrow, who would really run Oracle Corp (ORCL.N)? Reuters asked a cast of Wall Streets analysts, and the verdict is dealmaker and finance guru Safra Catz. The question is on investors' minds after Ellison, 70, promoted both Catz and sales leader Mark Hurd to the CEO position on Thursday, while taking on the role of executive chairman and chief technology officer himself. Of 12 analysts who replied to an anonymous poll, five said Catz would likely run Oracle, while only one voted for Hurd, 57.

Follow Curry Coastal Pilot headlines on Follow Curry Coastal Pilot headlines on Twitter

© Copyright 2001 - 2014 Western Communications, Inc. All rights reserved. By Using this site you agree to our Terms of Use