SO CEO Tom Fanning is a true believer in “all of the above”,
yet a skeptic about natural gas.
However, he really doesn’t have much faith in renewables,
as he indicated at the
22 May 2013 Southern Company Stockholder Meeting
and even more strongly in the Wall Street Journal.
This question is from Stephanie Coffin of Atlanta, Georgia, and she
holds 18 shares of stock.
How are you, Tom?
Dynamite. How are you?
Last year, I came to this meeting to ask a question and to listen to
the Southern Company reports. And so before I came I got to thinking
about what has changed since the last meeting. I think two things,
and then I’ll ask my question.
The first is the chairperson’s salary
increased 34 percent, over $13 million a year. I’m sure the retirees
and stockholders in the room wonder about the $13 million salary and
see that as negative PR in the face of continuing recession. $13
million a year, most of us are on fixed income. I mean, your income
is fixed, too, but it’s very high. Mine is pretty low and we all
have to pay electric bills.
The second change, and then I’ll ask my
question, is that now 70 — 97 percent of all scientists
believe that climate change — that is, global warming —
is real and caused by human activity and this is a big shift. Last
year we were the climate deniers, we’re in control, and now 97
percent of all scientists say it’s real, it’s coming, you better get
In the face of this scientific consensus the Southern Company
has maintained its reliance on fossil fuels, mountaintop coal, old
coal plants and pushing nuclear power with huge wattage demands and
the dangers of nuclear wastes.
While I applaud the Southern
Company’s baby steps Continue reading →