Arizona Corporation Commission building in downtown Phoenix.
The coalition of 19 states protesting investment management firm BlackRock, Inc.’s application for reauthorization of blanket authority might be waiting awhile for federal action, according to Arizona Corporation Commission (ACC) Commissioner, Kevin Thompson.
Thompson said that the ACC was approached by Utah Attorney General Sean D. Reyes a couple of weeks ago, to discuss filing a motion to intervene and protest BlackRock’s application and so the ACC determined it was in consumers’ to weigh in on the issue.
He mentioned speaking with a Federal Energy Regulatory Commission (FERC) Commissioner last week, who was unaware that BlackRock’s application was listed in the docket.
Thompson emphasized the need for FERC to improve its scrutiny of blanket authorization requests especially those submitted by asset management companies like BlackRock.
“Companies like BlackRock have consistently represented to FERC that as a condition of being able to own large percentages of the utility that they’ll not pressure the utility boards or even exert influence on the day to day operations,” Thompson said. “But what we’re seeing is just the opposite of what they’ve actually been doing.”
Thompson noted the ACC’s growing involvement in federal matters, particularly with the FERC as energy issues have become increasingly nationalized and politicized.
During a Nov. 12th, emergency open staff meeting, Thompson argued that investment firms must be held accountable for the commitments they make, to secure blanket authorizations and that utilities should prioritize decisions that benefit ratepayers and uphold the integrity of the grid.
The coalition of 19 states include their respective Attorneys General.
Thompson explained that Utah’s Reyes initially approached Arizona Attorney General Kris Mayes but she declined to participate.
“She’s publicly stated that she is the sixth Commissioner so you would think that she would want to get involved in this to protect Arizona ratepayers,” Thompson said. “Unfortunately she decided not to.”
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