On Wednesday, March 22, hundreds of people showed up and dozens of Hoosiers testified against SB 309 at the Indiana House Utilities Committee Meeting. The blog is testimony from H-IPL supporter Jane Martin, who had to leave the hearing before her testimony could be given. Picture: State Rep. David Ober (R-Albion), chair of the House Utilities committee, overlooks large crowd at SB 309 hearing.
I’ve spent my entire career financing and encouraging innovation and entrepreneurship.
SB309 kills the incentives for one of Indiana’s newest, fastest growth industries – Solar. Grandfathering existing systems helps but five years from now solar producers will be sending power to the grid for 4.375 cents/kw and paying 11.5 cents – quite a profit margin guarantee for Duke,etc.!
This formula is designed to gut incentives for new installs. Our monopoly utilities are protected from competition, allowed to stagnate, fail to evolve and innovate, AND rate payers guarantee them a profit. If only we helped new, innovative companies and leveled the playing field.
Indiana competes globally and nationally on economic development. China, Portugal, Germany and Scotland are leaders in the soon to be $5 trillion alternative energy industry? Iowa is a leader in wind power? Colorado and Texas encourage both fossil fuel and alternative energy companies to compete in a free market system? Texas consumers can choose where they want their energy to come from including all green? Georgetown, Texas decided to go green and high tech companies are flocking to town! These are enlightened public policy and economic development initiatives. This is competition and capital markets operating at their most efficient.
Jane Martin, Retired Venture Capitalist