Letters to the Editor

Forming a PUD makes financial sense

I support the formation of a PUD on Whidbey Island immediately because it makes financial sense. Here is why. Macquarie Bank and the consortium of foreign pension funds that are trying to buy PSE via a leveraged buyout will pass on interest and expenses of approximately $3 billion to PSE ratepayers over ten years (depending on the bond issue). Add as much as $5,7 billon in needed infrastructure improvements on the part of PSE and we are talking about a whopping sum of $8.7 billion that ratepayers will have to pay to PSE over the next ten years. $8.7 billion divided by the number of ratepayers in Washington State (1.100,000) equals $7,900 per ratepayer. With about 34,000 ratepayers on Whidbey Island, the total cost to Whidbey Island ratepayers will be about $286.6 million. The cost to ratepayers of the Macquarie acquisition is astronomical, while all estimates to purchase the system from PSE with our own PUD are much lower. When the bond Macquarie floats to buy PSE matures, the consortium will have to sell PSE again, which will subject ratepayers to the same kind of leveraged buyout and all the inherent fees and interest costs again.

Let's take control of our energy future by forming a PUD now and seriously consider escaping this vicious cycle of acquisitions. With a PUD we can do a real feasibility study on purchasing PSE assets.

Fred Geisler

Langley

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