1 00:00:00,200 --> 00:00:03,680 Speaker 1: The Indiana House has half Bill one thousand and two, 2 00:00:04,440 --> 00:00:07,640 Speaker 1: and it is to address your rising electricity costs. The 3 00:00:07,680 --> 00:00:09,760 Speaker 1: bill now's going to move to the Indiana Senate. The 4 00:00:09,800 --> 00:00:14,760 Speaker 1: goal to make electricity more affordable, reliable, and resilient for Hoosier's. 5 00:00:14,880 --> 00:00:18,960 Speaker 1: Electricity rates in Indiana rose over seventeen percent from twenty 6 00:00:19,000 --> 00:00:22,160 Speaker 1: four to twenty five, the average increase about twenty eight 7 00:00:22,160 --> 00:00:26,279 Speaker 1: dollars per month, and lawmakers is saying that electricity is 8 00:00:26,400 --> 00:00:31,200 Speaker 1: now a health and safety necessity, especially for vulnerable residents, 9 00:00:31,200 --> 00:00:33,040 Speaker 1: and they're going to do something about it. 10 00:00:33,680 --> 00:00:38,120 Speaker 2: Yeah, this is with stories like this, it's typical, unfortunately, 11 00:00:38,159 --> 00:00:42,080 Speaker 2: but there is looks good what's being marketed. Right, here's 12 00:00:42,159 --> 00:00:45,600 Speaker 2: this story I'm going to tell you, and then here's reality. 13 00:00:45,640 --> 00:00:48,240 Speaker 2: And the story the lawmakers are trying to say is, hey, 14 00:00:48,280 --> 00:00:51,879 Speaker 2: we don't trust utilities to behave unless we dangle some 15 00:00:51,960 --> 00:00:54,120 Speaker 2: treats or slap them on the wrist when they're being bad. 16 00:00:54,120 --> 00:00:57,040 Speaker 2: And honestly, that part isn't wrong. But the other part 17 00:00:57,040 --> 00:00:59,440 Speaker 2: of it is this is just political performance, because this 18 00:00:59,480 --> 00:01:02,240 Speaker 2: bill is a lot less about protecting huge Hoosiers and 19 00:01:02,320 --> 00:01:06,160 Speaker 2: more about lawmakers trying to look heroic after decades of 20 00:01:06,240 --> 00:01:10,000 Speaker 2: letting utilities run wild with rate hikes, because this is 21 00:01:10,000 --> 00:01:12,280 Speaker 2: what the lawmakers are telling it. Because again, there's going 22 00:01:12,360 --> 00:01:14,520 Speaker 2: to be this group that sets up that that is 23 00:01:14,600 --> 00:01:17,760 Speaker 2: going to approve these rate hikes, and there's certain metrics 24 00:01:17,800 --> 00:01:20,800 Speaker 2: that the utility companies have to hit to be able 25 00:01:20,840 --> 00:01:23,800 Speaker 2: to raise these rates. But the utility companies are going 26 00:01:23,880 --> 00:01:25,560 Speaker 2: to be the ones that are setting the benchmarks for 27 00:01:25,600 --> 00:01:28,800 Speaker 2: all of this. They call it performance based rate making, 28 00:01:29,160 --> 00:01:31,759 Speaker 2: but it's essentially saying, Okay, we'll let you raise rates, 29 00:01:32,040 --> 00:01:35,520 Speaker 2: but only if you pinky promise, pinky swear to make 30 00:01:35,560 --> 00:01:38,000 Speaker 2: sure that they're affordable and reliable for everybody. 31 00:01:38,120 --> 00:01:41,520 Speaker 1: Yeah, so they've got this performance based rate making and 32 00:01:41,680 --> 00:01:46,760 Speaker 1: the key goals are affordability, reliability, and resilience. But as 33 00:01:46,800 --> 00:01:51,360 Speaker 1: you mentioned, if they're the ones creating what the performance 34 00:01:51,440 --> 00:01:55,520 Speaker 1: benchmarks are, they can say, well, yeah, it's affordable. 35 00:01:55,680 --> 00:01:58,080 Speaker 2: Absolutely, we met our mark. You think they might just 36 00:01:58,280 --> 00:02:00,720 Speaker 2: it did awesome. I think they might just lower the 37 00:02:00,760 --> 00:02:03,080 Speaker 2: bar on those benchmarks are a little bit. And here's 38 00:02:03,080 --> 00:02:06,840 Speaker 2: the real kicker. Utilities are still going to get multi 39 00:02:06,960 --> 00:02:10,280 Speaker 2: year guaranteed revenue plans, which is a dream. So look, 40 00:02:10,280 --> 00:02:13,280 Speaker 2: I'm a small business owner nobody's given me multi year 41 00:02:13,360 --> 00:02:16,400 Speaker 2: guaranteed revenue plans. I'd like to be part of that business. 42 00:02:16,440 --> 00:02:18,600 Speaker 2: Can I do that? These are legislators that are trying 43 00:02:18,639 --> 00:02:21,640 Speaker 2: to thread the needle and look tough on utilities without 44 00:02:21,720 --> 00:02:25,360 Speaker 2: doing anything that might potentially disrupt the utilities business model. 45 00:02:25,440 --> 00:02:30,880 Speaker 2: And keep in mind two of the largest lobbying groups 46 00:02:30,960 --> 00:02:34,320 Speaker 2: at the state House are gaming and energy. Yeah, and 47 00:02:34,800 --> 00:02:37,639 Speaker 2: it makes sense because those gaming and energy are heavily 48 00:02:37,840 --> 00:02:40,280 Speaker 2: regulated by the state. So they're going to send their 49 00:02:40,280 --> 00:02:44,320 Speaker 2: lobbyists in there to make those regulations as beneficial to 50 00:02:44,360 --> 00:02:47,639 Speaker 2: their customers and the utility owners as possible. 51 00:02:47,800 --> 00:02:51,760 Speaker 1: So Virginia residents they're panicking. Not even a full month 52 00:02:51,760 --> 00:02:54,400 Speaker 1: into twenty twenty six, and their electricity bills are now 53 00:02:54,520 --> 00:02:59,160 Speaker 1: nearly tripling as they're being hit with new Democrat approved 54 00:02:59,280 --> 00:03:02,200 Speaker 1: energy rates. We've got one resident here saying she is 55 00:03:02,240 --> 00:03:04,840 Speaker 1: now paying six hundred dollars a month. 56 00:03:06,160 --> 00:03:09,480 Speaker 3: I just got my energy bill for the month Dominion 57 00:03:09,600 --> 00:03:15,640 Speaker 3: Energy out of Virginia. My bill has tripled. Like I 58 00:03:15,720 --> 00:03:17,960 Speaker 3: usually pay about two hundred bucks you know, on a 59 00:03:18,000 --> 00:03:22,600 Speaker 3: regular three hundred on a high note, six and twenty 60 00:03:22,639 --> 00:03:29,080 Speaker 3: one bucks. Ooh, that's more than my car payment. What 61 00:03:29,200 --> 00:03:30,440 Speaker 3: the actual hell is going on? 62 00:03:32,120 --> 00:03:34,240 Speaker 2: Yeah, can you imagine being the new governor of Virginia. 63 00:03:34,280 --> 00:03:36,680 Speaker 2: She's been in office for a month now and this 64 00:03:36,720 --> 00:03:38,240 Speaker 2: has come and hit her in the face. And the 65 00:03:38,320 --> 00:03:41,200 Speaker 2: utility companies in DC and hard to believe that somebody's 66 00:03:41,200 --> 00:03:42,720 Speaker 2: got it worse than we do when it comes to 67 00:03:42,840 --> 00:03:46,240 Speaker 2: utility companies, But in Northern Virginia that's certainly the case. 68 00:03:46,280 --> 00:03:49,160 Speaker 2: And they're blaming it on. They're saying, well, it's it's inflation, 69 00:03:49,480 --> 00:03:52,400 Speaker 2: and it's cold weather, and it's the data centers and 70 00:03:52,440 --> 00:03:54,720 Speaker 2: the energy demand and that's all that's going on. And 71 00:03:55,360 --> 00:03:59,320 Speaker 2: lawmakers are essentially telling their constituents, Yeah, you just you 72 00:03:59,360 --> 00:04:02,040 Speaker 2: should probably budget and prepare for this. We're not going 73 00:04:02,080 --> 00:04:03,920 Speaker 2: to do anything to change it, but you should. You 74 00:04:03,920 --> 00:04:05,320 Speaker 2: should budget and prepare for this. 75 00:04:05,400 --> 00:04:08,400 Speaker 1: And you should expect your rates just to keep escalating. 76 00:04:08,840 --> 00:04:12,240 Speaker 1: We heard the governor say that energy and utility bills 77 00:04:12,280 --> 00:04:15,640 Speaker 1: are going to be the property tax issue of this year.