Has FPL over-expanded capacity? CEO says customers "cutting back"

Electric utilities may not be going the route of the belly-up banking industry, but Andrew Gordon of Investor’s Daily Edge suggests that there are reasons for investors to sell off stocks as the “recession has finally caught up to the utilities.”

In an online post at the blog Offshoreinn, titled No Shelter for Safe Investors in Utilities, Gordon is quoted as saying FPL is cutting back spending and citing FPL CEO Lewis Hay for the reason why:

“A lot of people think demand for electricity is inelastic. It’s not. Our customers are cutting back, and they’re not paying their bills, either.”

So, did Florida Power & Light just think the heady days of development and expansion would last forever? Did they simply over-expand, lobbying legislators and cities and counties for more power-plant construction and transmission line extension without anticipating that someday it would all come grinding to a halt?

And, what is the public left with? FPL's record profits for 2008, costs continually passed along to their customers, ongoing FPL-caused environmental degradation and the constant bullying for more nuclear and coal-fired plants, high-voltage lines and right-of-ways through our communities ...

Time to stand up and fight to end the monopolistic control of our energy future in Florida by a single provider! Time to Stop FPL!