National Fuel Gas (NFG) recently experienced their stock dropping into the red.
This was preceded by an announcement that one of their planned drilling expansions into the Marcellus Shale (MS) region failed. NFG has now gone on record stating that they will move forward with the MS drilling expansion without a partner.
“We’re not capital constrained. Our balance sheet is strong,” said NFG CEO David Smith, alluding to NFG's ability to finance the entire expansion project.
National Fuel Gas executives and CEO David Smith can never be found when the discussion of Conservation Incentive Program (CIP) reform is brought up by the public. Having a conversation that would help create living wage green jobs, and help to lower heating bills for many who reside in Western New York does not seem to be a priority for them. NFG executives however have no problems at all discussing more ways to expand their monopoly, and exploit the consumer and the environment to make their pockets fatter. Don't take our word for it, you can listen for yourself here
as NFG executives (in their own words) explain their quest to horde more profit. At a rate of about $7+ million yearly, $583,400 monthly and $3,500 hourly
, it is not too much to ask that NFG put people first and profits later.
The weatherization crisis in Western New York cannot be fully addressed without CIP reform. The NFG rate payer (this means the public) pays into a program that most of us do not fully benefit from. Instead of using CIP money (our money) for things like promotion at sports events, this money must be used to help reduce energy costs for Western New York residents. NFG just took a dip into the red zone this is nothing for them, the rest of us though have been drowning in red for years. CIP reform needs to happen now!
Posted on Tue, August 9, 2011