Earley Tells House Committee Electric Choice Needs Fix
December 12 2007 - 11:16AM
PR Newswire (US)
Financial assurances essential for investment DETROIT, Dec. 12
/PRNewswire-FirstCall/ -- DTE Energy Chairman and CEO Anthony F.
Earley Jr. today told the House Energy and Technology Committee
that the much needed investment of billions of dollars to construct
clean, affordable and reliable energy for Michigan's future will
not occur unless the state's Electric Choice program is fixed.
Earley's comments follow last week's introduction of a legislative
package now under consideration by the committee. The legislative
package, spearheaded by the committee chairman, Rep. Frank
Accavitti, supports an increase in energy efficiency, expands
renewable energy requirements and reforms the Electric Choice
portion of PA 141 that has prevented the assurances necessary to
finance the construction of new power plants. "I would like to
emphasize the importance of the entire legislative package with
tie-bars to all of the various pieces in the plan," Earley said.
"Viewed individually, none would offer a workable policy for
Michigan's future. Viewed in their totality, the package represents
a plan that will diversify Michigan's future generation mix, make
the state more energy efficient, accelerate the development of
renewable energy resources, and create a new regulatory construct."
One of the bills, introduced by Rep. Accavitti and other
co-sponsors, reforms a portion of PA 141 by providing for a
one-time Electric Choice election policy. The state's Electric
Choice program was established in 2000. Earley maintains that the
past seven years have provided Michigan electric customers the
opportunity to determine whether they prefer utility service or
alternative market supplier service. "Once the customer makes a
supplier election, both the utility and the alternative suppliers
will gain knowledge around the size of the customer base they will
be serving in the future," Earley explained. "This policy will give
Detroit Edison enough clarity to go to Wall Street for the
financing we need to invest in Michigan's power plants or in the
wind turbines we plan to construct to meet the renewable portfolio
standard requirement in the proposed legislation." In addition,
Earley applauded elements of the legislation that he said would
bring jobs and economic development to Michigan, protect the
environment, and help maintain affordable electric rates. "You have
a unique opportunity to meet this critical challenge now," Earley
told the committee. "The package of bills offers a path to a clean,
affordable and reliable energy future for Michigan. I urge you to
complete your work. Michigan needs a comprehensive new energy
policy and it needs it now." DATASOURCE: DTE Energy CONTACT: Lorie
N. Kessler, +1-313-235-8807, or Len Singer, +1-313-235-8809, both
of DTE Energy Web site: http://www.dteenergy.com/
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