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Letter to the editor

Talk of the bay: Florida drains power from Progress' books

By Times staff
Published August 9, 2007

Let's get this straight. On the very same Wednesday that Progress Energy put out a public appeal to its Carolina customers to curb electricity use because of record high temperatures, the power company also reported a widening quarterly loss of $193-million. What gives? The company has been selling off its unwanted merchant energy assets - certain power plants and energy contracts, for example - at prices that are dragging down the bottom line. In Carolina, Progress enjoyed a bump in earnings. But in Florida, earnings fell in the quarter. Progress blamed "unfavorable" weather in the Sunshine State and other expenses. In the company's race for new customers, it's neck and neck. Progress had a net gain of 28,000 in the Carolinas and 29,000 in Florida in the past year.

Cabinet's turn to rein in rates?
Here's some more fallout from insurance rates not dropping as much as lawmakers said they would in January. Since the discounts are tied to backup coverage available to insurance companies through the state-backed Florida Hurricane Catastrophe Fund, Florida CFO Alex Sink suggested Wednesday that the Florida Cabinet, not the Legislature, might be able to more quickly react to changing global markets and then set rates and approve contracts for the CAT Fund based on those changes. Sink said many reinsurance contracts are bound in the fall, when the Legislature is not in session. Rep. Dan Gelber (D-Miami Beach) has also floated this idea.

Odyssey: Spain's clipping our sails
Odyssey Marine Exploration Inc. is taking the offensive in its battle with Spain. Members of the Spanish government have waged war on the Tampa company ever since it pulled a half-million silver coins off of a shipwreck code-named "Black Swan" in May, including seizing an Odyssey boat and crew, beginning a criminal investigation and floating damaging conspiracy theories about the true origins of the treasure. Odyssey wants a federal judge in Tampa to make Spain pay damages for the "tortious" acts, as well as for the lost opportunity to collect more booty from the wreck.

What you think is what site wants
Tired of poor customer service? Or is there a favorite restaurant you'd like to applaud? Ken Marion, a 53-year-old Tampa resident, this week launched www. consumersrateit.com. It's a yellow pages and consumer rating site for any business listed in the phone book.

[Last modified August 8, 2007, 22:55:44]