Saturday, May 7, 2016

SEC investigating Kemper reported the SEC is investigating the Kemper project:

The U.S. Securities and Exchange Commission is conducting an investigation of Southern Company and its subsidiary Mississippi Power over costs and delays at the Kemper Project clean coal power plant.

The company revealed the investigation Thursday in a 10-K filing.

The Southern Company said in the filing that the investigation is focused on the pre-2010
timeframe and centers on “accounting matters, disclosure controls and procedures, and internal controls over financial reporting associated with the Kemper IGCC (integrated gasification combined cycle).”

As of March 31, the project has accrued $1.5 billion in cost overruns, according to the filing.
The $6.72 billion plant, which is designed to transform lignite coal mined on site into synthesis gas for use in the facility’s electricity-generating turbines, has been beset with delays, litigation and massive cost increases. Last month, the company revealed another $60 million cost increase and further delays that will push the plant’s online date to at least September, according to an SEC filing.
The company also says that it will cost between $25 million and $35 million for each month the plant is not in operation. The plant has been generating power with natural gas since 2014.


Anonymous said...

I can't believe more people aren't outraged by the whole kemper fiasco.

Why's our AG not looked into this yet?

People need to raise hell over this. Look into all the players involved.

Why are the leaders of our state remaining relatively silent about this whole thing? How's southern company managed to pull this over on the poorest state in the country????

Anonymous said...

If only some will go to prison...

Anonymous said...

Why's our AG not looked into this yet?

"What's past is prologue". When Hood doesn't get involved it means that a member of his extended family or friends got paid.

Anonymous said...


It does not affect most of the state of MS.

As a result, it gets little real scrutiny.

Its also highly complicated....making it hard to study and dissect.

Once they propose new even higher rates to pay for it...thats when it will get ugliest.

Anonymous said...

Do you not know who the lobbyist is for Southern Company?
Yeah the same gov who changed the state law in order for the customers of SC to pay for the project.
He wont let the AG investigate because they( the good ole white boy republican club) will lose to much money.

Anonymous said...

"He wont let the AG investigate because they( the good ole white boy republican club) will lose to much money. "

That's a really, uh, interesting (read: "paranoid") conspiracy theory you're trying to sell there. The AG is elected independently, and is the only Democratic official elected on a statewide vote. It's really a stretch (read: lunacy) to think your 'good ole white boy Republican club' has any control over him.

Anonymous said...

The base load act that ensures MPC customers will pay an extra $1 Bil in cost overruns by paying back bonds to finance them ($1 Bil in addition to the $2.88 Bil cap) was rammed through the Legislature by voice votes by Phillip Gunn and Tate Reeves. Gunn and Reeves are tied to Kemper up to their necks. Feel also went along. They all did as they were told by Haley. Don't let them ever forget it.

The only way to stop those checks now being paid by ratepayers now is if the MPSC does the right thing and finds MPC's business decisions were imprudent in pushing the building of the lignite portion of the plant. Only the MPSC can save ratepayers now. But they must be willing to let MPC go into Chapter 11 and let SOuthern Company take the hit (MPC is their smallest unit; they can afford it) instead of ratepayers paying for Southen's and MPC's unjustifiable science experiment. I pray the MPSC has the stones necessary to do the necessary. It will not be pleasant but is the only way out for ratepayers.

Anonymous said...

Sarbanes Oxley are two words that should be keeping MPC and SO execs up at night. Inaccuracies in their SEC reports could make their worst nightmares come true. Clang clang!

Anonymous said...

Brett Wingo should probably pass up any invitations he might receive to ride on a SO Co. plane.

Anonymous said...


You say - "The base load act ........ was rammed through the Legislature by voice votes by Phillip Gunn and Tate Reeves" and go on to smear Gunn and Reeves as being tied to the utility.

The baseload act was passed in 2008. Billy McCoy was Speaker of the House at the time, and Gunn was sitting in the minority at the back of the chamber. Phil Bryant was the Lt Gov, and Tate Reeves was across the street in the Woolfolk Building in the office of the State Treasurer.

I don't know which of these two individuals would have had the hardest time 'ramming through on a voice vote" any bill at that time, but probably Reeves since he wasn't even IN the chamber.

Next time you think about putting your fingers on a keyboard - don't. You can't make much of an argument when you're not even close to the facts.

We Need Reddy Kilowatt said...

Sarbanes-Oxley is a federal law regarding publicly held/traded corporations. A federal law doesn't have company planes. Hello.

Anonymous said...

They were there when the SPE bond provision of the act was passed

Anonymous said...

Too many crooked politicians and rich people involved in this swindle. Nothing will be done. Exactly the opposite will happen. The people will pay for all of the mistakes, over runs, and bribes involved.
The people will accept it because some of the crooked politicians are a member of their favorite chosen party. The crooked rich people will do as they always do, get away with it.
Look, there goes a squirrel.

Anonymous said...

Like I said....its complicated and not many people know anything other than its a bad idea and its expensive.

Anonymous said...

9:26 - Gunn "was there" but he was only one of 122 members. He was not Speaker ramming through a voice vote.

And Reeves was not in the legislature as Lt. Gov. He not only did not 'ram through' a voice vote, he wasn't in the building, much less the chamber.

Get real. You can lie about folks you don't like while sitting outside your trailer, but you can't just make up s**t and expect everybody to believe it when you put it out where others with some sense can point out your stupidness.

Anonymous said...

Lord Snow was bond counsel on the $1b issue...they win regardless- as they will on Costco!

Anonymous said...

To stone thrower at 7:55-The bond issue was passed in 2013.

Anonymous said...

The 1 Bil bond SPE bill was in 2013 session so yes that part of the act was slammed through by Gunn and Tate. One ember it well.

Swat That Skeeter said...

".....while sitting outside your trailer."


Anonymous said...

The PSC Commissioner from the south part of the state voted for all this. He then resigned and Feel found him a $100,000 plus job at the Planning and Development District in South Mississippi. He was handsomely rewarded for his votes. Those organizations work a lot with counties and cities on complex matters. The ex Commissioner had no experience in this and only had a HS education. Go figure.

Anonymous said...

Feel does not appoint the heads of the PDDs. They are selected by the board of the PDDs - local officials from the counties.

I never cease to be amazed by a couple of folks who spend their time here speculating about Feel's power to control everything, all the while talking about his incompetence in even running his office. If he can't manage the Governor's office, how the hell do you think he controls all the local board of supervisors, local governments, and now the PDDs?

Anonymous said...

'Bout time.

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There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

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