Why is Poseidon trying to hide the real costs of its water boondoggle? Because it doesn’t make any sense for ratepayers. The privately owned Poseidon water project would depend on a massive public handout of $400 million. On top of that subsidy, Poseidon would charge ratepayers significantly more for its water than any of the alternative water supply projects recently evaluated by the independent Metropolitan Water District of Orange County (MWDOC). Poseidon is a bad deal for ratepayers.