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Electric utilities that have a stake in synthetic-fuel plants and burn their own product have achieved stunning financial results. Through 2002, Progress Energy Inc., a holding company for public utilities that generate electricity in North Carolina, South Carolina and Florida, raked in $897 million in tax credits from the program. SCANA Corp., the holding company for South Carolina Electric & Gas, reported that it received $58 million in tax credits from an investment of "approximately $2 million" in synthetic-fuel partnerships. That works out to a return of 2,800%. Think of the numbers this way: if you invested...
SEMPRA Energy, the holding company for San Diego Gas & Electric, chalked up a comparatively low tax rate of 17% in the first quarter of this year. After questioning by a UBS Warburg analyst, the company acknowledged that the reduced taxes were attributable to synthetic-fuel tax credits of $45 million to $50 million...
...then there are all the plants' part owners that share the tax credits. Such is the case with Pace Carbon Synfuels Investors, a Delaware limited partnership with a stake in four facilities. Among the investors who have taken advantage of the tax credits: the Federal National Mortgage Association (Fannie Mae), the publicly owned but government-sponsored corporation that bills itself as the nation's largest source of financing for home mortgages; Morgan Stanley, the global financial-services firm; and Norfolk Southern Corp., which owns two major railroads in the Northeast as well as half of Conrail...
Many individuals and businesses cashing in on the tax credits prefer to remain anonymous. Earlier this year, TECO Energy, the holding company for Florida's Tampa Electric, disclosed in a filing with the U.S. Securities and Exchange Commission that it had received "more than $50 million from the sale of half of TECO Coal's synthetic-fuel production facilities." The buyer was not named. A TECO official told TIME that "part of the agreement that we signed says that we are not allowed to reveal the name of the purchaser." WPS Resources, the parent company of Wisconsin Public Service, sold...
...gated country-club community just off the Las Vegas strip is also the official address of more than 80 Slusser-related business ventures with names like 481TL LLC, CCHDDNV Inc., N15SB LLC and QEAT4 LLC. With their principals scattered across the country, the companies have the appearance of being tax-avoidance devices, just like the synfuels scheme. What, if anything, does Earthco's synfuel process do? Calls for information to Earthco and its employees were fruitless. When TIME reached Slusser, he promptly hung up the telephone after hearing the writer identify himself. A call to Earthco's office...