Corporate lying about climate has got to stop.
Good morning. My name is Steve Milloy.
Xcel management is lying to its shareholders and the public.
And this lying is going to cost everyone a lot of money unless it’s stopped.
First, management says my report is not needed because it already does it.
That is a lie.
In denying management’s request to exclude my proposal from this meeting, the government lawyers at the US Securities and Exchange Commission told Xcel that it does not already do what I requested.
Why did I file my proposal?
Management has been lying to shareholders and the public about climate change.
What’s the lie?
The lie is that management is addressing climate change by switching out of fossil fuels and into pointlessly expensive wind and solar junk.
The truth is that Xcel could stop emitting carbon dioxide today and forever, and it would make no difference to the climate.
In fact, the entire United States could stop emitting carbon dioxide today and forever, and it would make no difference to climate.
The math is simple.
Claims and implications to the contrary are just lies.
The climate doesn’t care that Xcel is shutting its handful of coal plants.
The rest of the world is building or planning to build 500 GW worth of coal power – equivalent to about 230 Sherburne County coal plants, the largest coal plant in Minnesota which is operated by Xcel.
So management is not addressing climate change.
It’s lying so that it can raise rates.
There was a time when utilities like Xcel sought to make more money by selling more electricity. That was honest business.
Now, utilities like Xcel just want to sell expensive electricity and pointlessly more expensive electricity at that using climate as the excuse.
The Center of the American Experiment estimates that Xcel’s climate plan to be 50% renewable by 2034 could cost $46 billion through 2050.
That works out to about $1,200 for every Xcel customer every year through 2050.
That’s a lot of money.
If you’re an Xcel shareholder and an Xcel customer, you’d have to own almost 700 shares of Xcel stock at current prices to have the dividend break even with coming the rate increases.
And if Xcel plans to be 75% or 100% renewable, those costs would likely skyrocket even more.
This is bad business. It’s dishonest business.
Xcel management didn’t even try to engage with me on this proposal.
Management knows I’m right, but doesn’t care.
Management is arrogant.
Management knows its Wall Street buddies and institutional investor cronies are in on the climate scam and will support management against my proposal.
They plan to laugh all the way to the bank at shareholder, ratepayer and taxpayer expense.
But just remember Milloy’s Law: Green = Fraud.
If you voted for my proposal asking for simple honesty from management, thank you.
If you voted against my proposal, it’s not too late to change your vote.
Thank you for listening.