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MidAmerican Energy Holdings advised that its new division, MidAmerican Renewables, had been established to expand the company’s presence in the wind, geothermal, solar and hydro projects for the renewables market. The new division will be based in Des Moines, Iowa and will consist of MidAmerican Wind, MidAmerican Geothermal, MidAmerican Solar, MidAmerican Hydro and project development and commercial management.
Bill Fehrman, president and CEO of MidAmerican Energy, has been appointed president of MidAmerican Renewables, while MidAmerican Solar’s president was named as former Phoenix Solar CEO Paul Caudill. Caudill who will oversee the company’s 550MW Topaz project in San Luis Obispo County, California and the 290MW Agua Caliente project in Arizona. Kevin Dodson will now serve as MidAmerican Company’s director of environmental programs, compliance and permitting and has been promoted to VP of project development and commercial management of MidAmerican Renewables.
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This is a shocking turn of events. Retrospective legislation is tantamount to a criminal act of theft by government. I did not force them to pay me 60 cents a kilowatt. I entered into this in good faith. This has to break every law in the book relating to a contract implied or otherwise. You are supposed to be able to trust your government. Mr Hartcher is not being truthful or does not understand simple maths, when he states, a typical customer with a system size of 1.5 kilowatts that qualified for the 60 cent scheme can still expect to receive a return on their system’s costs in approximately four years. I have had my solar a year and based on the figures at 60 cents it will take 4.8 years. At 40 cents it will take 7.2 years. And I did not invest for windfall profits either. I invested to try and offset the government’s electricity price hikes, as I move into my retirement. These hikes will provide windfall profits for the electricity companies where some CEOs get pay packets of US$2M plus bonuses. What is worse I convinced my kids to invest in solar thinking I was helping them. It now looks like I sold them down the river. The way you are hiking electricity prices we can expect the payback period to wind out to 10 years.