8 Herald - Lantern - Dispatch 31 July '85

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Phantom Taxes' Rapped

MILLvfLLE - Sen James R. Hurley says that figures released by the Environmental Action Foundation of Washington, D.C., show that in 1984 Atlantic Electric charged its customers nearly $26 million more than it paid for federal income taxes "These so-called phantom taxes are enriching Atlantic Klectric's coffers by larger and larger amounts every year, according to the Environmental Action Foundation." said Hurley, a Republican representing Cumberland and Cape May counties. 1ICR I. KY HAS been l spearheading a drive to , have the slate Board of j Public Utilities reject the . latest $91.9 million rate- [ hike request by Atlantic i Electric and to have the j public advocate launch an investigation into the way ! in which the utility con | ducts business i "This is just another in- | dication of the seemingly insatiable appetite Atlantic ' Electric has for ready cash so that it can return higher I dividends to its share- | holders and pay larger bonuses to its managers." Hurley said a day after he testified before an administrative law judge in opposition to the rate-hike request . "ONE HAS to wonder where Atlantic Electric's real concern lies." Hurley said. "with providing electricity at affordable prices or with making sure

its shareholders receive fat dividends." According to the Environmental Action Foundation. Atlantic Electric charged its customers $41,227,089 for federal income taxes in 1984, but actually paid only $15,513,549, keeping the remaining $25,713,540 for what amounts to be an interestfree loan. Hurley said. Atlantic Electric ranks 66th among 125 electric utilities surveyed by the foundation for overcharges in 1984, Hurley said. THIS OVERCHARGE cost each customer $36.66 more for electricity in 1984. Hurley said. "But." he added, "if the amount a customer had to pay for the overcharge that is included in the price of goods and services from business and industry is included with the direct charge, the total cost of this phantom tax to each and every individual Atlantic Electric user in 1984 was $103.95." According to the Environmental Action Foundation. Hurley said, this direct and indirect charge pushes Atlantic Electric up to 38th among the topi 25 electric utilities surveyed by the group. "ATLANTIC Electric has managed to accrue a total of $181,253,869 in deferred taxes and credits over the past 20 years." Hurley said, "but it is obvious with the nearly $26 million salted away in 1984 that the pot is growing larger year after year."

The cost of the total deferred amount of taxes per customer is $258.41. which gives the utility a 33 ranking, Hurley said. According to a spokesman for the Environmental Action Foundation. the amount of taxes overcharged is indeed growing larger every year, Hurley said. "These phantom taxes, though legal, are obviously morally wrong and show the need for the investigation by the public advocate which 1 have requested," . Hurley said. THE ENVIRONMENTAL Action Foundation spokesman told Hurley that companies in the competitive marketplace return these savings in tax deferrals and credits to their customers thorugh lower prices while electric utilities which are monopolies, apparently feel they have a right to use them for their own purposes. Hurley said he would forward these new findings, along with his objections to the cost of electricity supplied by Atlantic Electric, to the Board of Public Utilities. "As the evidence mounts, it becomes more and more apparent that there are serious problems with Atlantic Electric's rate structure and that its customers are being forced to bear the burden of these problems." Hurley said. "The BPU must not grant any further increases until all these problems are uncovered and dealt with." : i i , i I

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