'The Disney-controlled government granted a Disney-owned company the power to set utility rates and practices for the next 10 years. News accounts have described this as Disney 'setting its own utility rates,' but that understates the matter.' -TPCarney
You could almost call it a textbook case of self-dealing cronyism, but it’s a bit too absurd for a textbook. This is more like comic-book villain behavior.Disney has long enjoyed unmatched government favoritism, especially from the state of Florida. Undergirding the mountains of subsidies and protective regulations has been Disney’s unique fiefdom: the Reedy Creek Improvement District.
But back when Disney still controlled the Reedy Creek government, it hired a utility company called Reedy Creek Energy Services to manage power, sewer, water, and other utilities. Reedy Creek Energy Services, of course, is a fully owned subsidiary of Disney. This in itself is self-dealing cronyism akin to that of Russian oligarchs. But it gets worse.
So the Disney-controlled government granted a Disney-owned company the power to set utility rates and practices for the next 10 years. Some news accounts have described this as Disney"setting its own utility rates," but that understates the matter. Disney, under this agreement, can, for the next 10 years, also set the utility pricing for all of its competitors and all other businesses that own land within the Reedy Creek district.
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