Customers take risk, but MidAmerican profits

MidAmerican Energy wants to build a nuclear plant in Eastern Iowa. Regardless of your feelings about nuclear power, this idea sets a bad precedent.

The problem is that MidAmerican wants the Iowa ratepayers to pay for the plant even before planning starts. MidAmerican wants to raise utility rates now for a plant that may never be built, and it won't refund that rate increase if the plant isn't built.

The basis of capitalism is that the individuals who take the risk should get the reward. But MidAmerican shareholders want the ratepayers to assume all the risk, while they get their profit even if the plan is shelved.

Now there are commercials touting the benefits of “cheap, safe nuclear power,” brought to us by the MidAmerican shareholders. Who are these shareholders? Well, MidAmerican is about 90 percent owned by Berkshire Hathaway, whose CEO is Warren Buffett, the second richest man in America.

Last year the Republican-controlled Iowa House voted in support of MidAmerican. Soon, the Iowa Senate will be voting on the same issue. Remember how they voted on your utility rates in November when you vote on your legislators.

Thomas Lackner

Cedar Rapids