Posted by: Jim Phelps - March 25, 2018 - 9:13pm
Marin Clean Energy is sitting on a mountain of cash that continues to grow. The cash doesn’t belong to MCE, a not-for-profit government agency, it belongs to its ratepayers. MCE has no plans of returning it.
MCE's pre-launch commitments with the community included:
- Delivering cleaner energy than PG&E;
- Lower prices than PG&E;
- Payment of customers’ monthly exit fees that are levied by PG&E. This broken commitment amounts to more than $100 million that MCE did not honor.
MCE has failed in serving the community, while it feathers its own nest.
MCE – Massive Cash Exploit
MCE now holds $37 million in cash and expects that to more than triple to $118 million by the end of its 2019/20 fiscal year. This behavior is more fitting of a private for-profit company that claims altruistic social objectives, then takes advantage of busy consumers who aren’t aware of what is happening.
MCE’s cash accumulation has not been used to reduce prices, unless 6/100 of 1% below PG&E prices is considered low; nor has the cash been applied to the purchase and delivery of real clean energy to MCE’s customers during the past few years.
Where’s the money going?