>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

  • China makes big cut in bank reserve requirement to fight slowdown
    China's central bank on Sunday cut the amount of cash that banks must hold as reserves, the second industry-wide cut in two months, adding more liquidity to the world's second-biggest economy to help spur bank lending and combat slowing growth. The People's Bank of China (PBOC) lowered the reserve requirement ratio (RRR) for all banks by 100 basis points to 18.5 percent, effective from April 20, the central bank said in a statement on its website www.pbc.gov.cn. "Though the growth in the first quarter met the official target of around 7 percent for 2015, the slowdown in several areas, including industrial output and retail sales, has caused concern," said a report published by the official Xinhua news service covering the announcement. The latest cut, the deepest single reduction since the depth of the global crisis in 2008, shows how the central bank is stepping up efforts to ward off a sharp slowdown in the economy.
  • For short-sellers in U.S. stocks, the agony just piles on
    In January 2014, veteran short-seller Bill Fleckenstein said he was readying a new fund to bet on falling stock prices. Despite lackluster U.S. economic data, a world grappling with slow growth, concern that Greece and Ukraine could default on their debts, the U.S. stock market has been more than resilient. It has been impossible," Seattle-based Fleckenstein told Reuters. "It all comes down to free money and that old saw - 'don't fight the Fed,'" said Jeff Matthews, who runs Ram Partners, a Naples, Florida-based hedge fund.
  • Another crunch week in Greek bailout saga
    The threat posed by Greece beyond its borders may have diminished but efforts to agree an economic reform program to free up bailout funds and avert default will capture world attention this week. Euro zone finance ministers meet in the Latvian capital Riga on Friday with both sides saying time is running short to keep Greece afloat. Germany said last week it was unrealistic to expect euro zone countries to be able to pay out a new tranche of aid this month. "No one has a clue how we can reach agreement on an ambitious program," Finance Minister Wolfgang Schaeuble said.

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

© Copyright 2001 - 2015 Western Communications, Inc. All rights reserved. By Using this site you agree to our Terms of Use