Global cooling hurts Duke Energy

November 5, 2009

It seems as if Duke Energy CEO Jim Rogers should be lobbying for increased greenhouse gas emissions.

Rogers is convinced — because his grandchildren told him so — that carbon dioxide emissions are warming the planet. So Rogers helped form the U.S. Climate Action Partnership, a coalition of a few big businesses and environmental groups that lobbies for carbon caps.

Ironically, the very global cooling that Rogers seems to be for is actually hurting his company’s earnings.

According to Duke’s the third quarter earnings report, earnings-before-interest-and-tax (EBIT) for Duke’s electric and gas division decreased:

  • $46 million because of unfavorable weather (i.e, a cooler summer);
  • $22 million because of reduced industrial demand (i.e., weak economy); and
  • $27 million because of the expiration of a temporary rate raise (i.e., government granted windfall).

All very interesting since Rogers wants to:

But for the three factors mentioned above, USFE&G’s Q3 EBIT would have increased by 11%.

Finally, Duke has spent about $10 million since 2008 lobbying for carbon caps. That’s a lot of lost earnings itself spent working against the interests of Duke shareholders and customers.

Hey Jim, there’s a reason children aren’t allowed to run the world.

5 Responses to “Global cooling hurts Duke Energy”

  1. higgy68 Says:

    There’s no fool like an old fool; especially one who listens to his uneducated grand children. Gore is pushing the lie because it will further line his pockets. Beside being senile, what’s your excuse, Mr. Rogers. As an aside, those of you who think CO2 is a menace stop using yeast; it is a leavening agent that generates CO2.

  2. bear865 Says:

    “Hey Jim, there’s a reason children aren’t allowed to run the world.”

    May be. But with “Barry O” now apparently World Dictator, don’t be surprised . . . .

  3. bear865 Says:

    Big, bright executive huh?

    Takes advice from his grandchildren instead of doing forensic research for himself.


  4. c024al Says:

    Not only is Duke in the scam but also Pacific Gas & Extortion and most probably all the others!

  5. welder4 Says:

    I have an ex sister in law that used to be executive secretary to a Duke energy company and she told me that they were very down and dirty about making money so watch out if this guy loses money for Duke he will be history .Now Duke has the whole corridor from Florida to Cincinnati Ohio to rake in the dough. The cap and tax bill is just that a tax and money making deal for the government and people like Mr. Rogers. I quit writing Sherrod Brown as he is on the Band wagon of Gore. You write him and he tells you what he thinks and does not even recognize you wrote him a letter .Voinovich is not going for it because he sees the cost , but he also sees it as man made ,How any one can ignore an elephant in the room is beyond me , 32,000 saying it is not man made and Co2 is not a bad gas .

Leave a Reply to bear865 Cancel reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: