Fair enough already

City Council has apparently rejected the Mayor's request that they allow Entergy to pull down an even higher profit. 

Last week, Cantrell sided with the company in the dispute, saying Entergy should be allowed to make a greater profit than the utility committee recommended in a unanimous vote last month. The resolution still needs to be approved by the full council, meaning there is still time to move it to the regular agenda and amend it before a final vote on Thursday.

 Andrew Tuozzolo, the chief of staff for Councilwoman Helena Moreno, pointed out that the public still has the opportunity to comment on consent agenda items.

 The issue centers on a key component of Entergy’s profit rate — called return on equity. The council resolution would lower the rate from 11.1 percent to 9.35 percent, which will help lower electric bills for east bank customers by an average of $2.86 per month and maintain Algiers customers’ current levels. Entergy and the Mayor have argued that should be set at 10 percent instead.

That 9.35 percent is actually greater than the 8.93 percent the council and its consultatnts initially proposed.  A story we linked to last week explains that LaToya had already intervened once before to help Entergy negotiate it up to that.   At that point she told the T-P Advocate Georges that her purpose was "to make sure we're getting the best deal possible for the people of New Orleans and a fair share for the city," demosnstrating yet again the completel meaningless of that phrase.