Bernhard Capital Partners, a private equity firm based in New Orleans, has offered a proposed “concession” arrangement involving the Fayetteville Public Works Commission. Under the agreement, the firm would pay potentially hundreds of millions to the City of Fayetteville for the rights to manage the utility and collect the revenue, for 30 years. The following statement was released on Saturday by the PWC board.
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The Fayetteville Public Works Commission, which provides electricity, water and sewer for more than 114,000 people, bills itself as the “hometown utility.”
That would no longer be fully true — at least for the next three decades — if the city of Fayetteville and its utility enter into an agreement with a company out of Baton Rogue, Louisiana.
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Joyce Ship-Freeman is fearful of big hikes in water and sewer rates if Edison’s mayor and council lease the public utilities to a private company, Suez North America.
“They say in the event of a catastrophe that can go as high up as 10%. So therefore the people that are making it on a fixed income, like I am, cannot afford any higher rates,” she said.
The deal would call for Edison leasing control and management of its sewer system and part of its drinking water system to Suez, who would borrow $811 million from the Wall Street equity firm KKR for 11% interest for 40 years and Edison getting a concession or down payment of $105 million.
Read the full article here.
Lexington Mayor Linda Gorton this week blasted a state Senate bill backed by Kentucky American Water and other utility companies as “bad for Lexington” and “bad for our economy.”
Senate Bill 163 would allow investor-owned water and sewage companies such as Kentucky American Water to use a different type of calculation to value a water system it wants to acquire. Critics say the change would lead to higher purchase prices, which the water company would then pass on to customers in the form of higher rates.
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The question of whether to privatize water systems was on the ballot of three New Jersey towns this month.
“On Election Day, two small communities — Long Hill and High Bridge — posted victories for public water and sewers in the state of New Jersey, one of the most privatized states in the country,” reported Food and Water Watch, an advocacy group that favors public water.
“In Long Hill and High Bridge, the water and sewer systems need costly repairs to improve and maintain safe and healthy water. NJ American Water waged a months-long marketing campaign to promote their takeover in Long Hill, an approach that had the backing of the township council,” the report said.
Read the full article here.
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