The Chrysler brand logo at the 2012 Detroit Auto Show

Chrysler wants $2.5 million deposit back from Duke Energy of Illinois

When Fiat SpA took over the Chrysler Group in 2009, Duke Energy of Illinois required the company to pay a security deposit of $2.5 million dollars – money which the Chrysler Group wants back right now.

This whole situation began when Fiat SpA first purchased the Chrysler Group in 2009. At that point, Duke Energy of Illinois considered the newly formed (and government free) Chrysler Group LLC a new customer and due to the high levels of electricity used at the Chrysler Kokomo Illinois Transmission facility, Duke Energy required the “new” Chrysler Group to pay a security deposit of $2.5 million dollars. At that time, the Chrysler Group attempted to dispute this fact but Duke Energy was quick to threaten to cut off power to the Kokomo Transmission facility so Chrysler quickly cut the check as a power outage at the plant would have cost the company a fortune in down time and backups coming from product shortages.

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Nothing like a power monopoly to make life grand.

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