CC Minutes 03/11/2003 - Laserfiche WebLink

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City Commission Special Workshop Presentations Investor Owned Electrical Providers Page 14 said, it is our intent to continue to be the provider of electricity in the City of Casselberry. It is our desire that we want to work this out. We would love to entertain an offer in response to the franchise and settlement document that we sent in February and again communicated as late as last Tuesday, so again it is our desire to remain here, we have been here more than fifty years as a provider and we want to continue to be the provider. PRONOVOST: Thank you, not only for yourself but also your staff. I know that putting this presentation together has taken a lot. I do have a few questions for you directly. In the 1990's, the old Florida Power Corporation in anticipation of selling itself to Carolina Power and Light or the merger, deferred some of the capitol investment in the Central Florida area which resulted in reduced reliability. It also resulted in some (inaudible) was made to $60 plus million dollars of executives. The question I have is what guarantee or assurances do we have that over the next five years or ten years, or twenty years down the road, that our citizens will not have to endure reduced reliability because of a policy decision that is being made somewhere in North Carolina to squeeze additional profits from the corporation. RALEY: Mayor Pronovost, I can't address the decisions that were made in the 90's, I can only assure you that as CP&L now, Progress Energy, acquired Florida Power, we evaluated the needs of the system and we have generated additional funds for the improvements. As far as the guarantee moving forward, you have my personal guarantee, but you also have the guarantee of Progress Energy. We are a fortune 250 company, we have the resoumes to make sure that we maintain the system here and you have the commitment, both from my boss and the president of our company, Bill Havermeyer, through his commitment to excellence, documents that he has produced, as well as all the employees of Progress Energy, the more than 14,000 employees. PRONOVOST: I appreciate those assurances. Are you willing to put that into the Franchise Agreement? RALEY: We have a reliability guarantee on file with the Public Service Commission and we did that, which is beneficial to all customers, not only the customers in Casselberry, but all customers across the region and that is our commitment to you. PRONOVOST: Ok, so it would be strictly with the Public Service Commission, not within our Franchise Agreement? RALEY: The Public Service Commission has exclusive jurisdiction over reliability and rates within the City of Casselberry and the State of Florida.