The PUC said it was unwilling to relinquish all its review authority for any project, given the "somewhat fragile" financial condition of the utility and the risks associated with investment in unregulated power ventures. It offered instead to approve a modified agreement requiring limited oversight of proposed investments until the utility receives an investment-grade rating from two of the three major bond rating agencies. To protect ratepayers, the modified agreement assigns risk to shareholders and limits sales and asset transfers by the utilty. Re Central Maine Power Co., Docket No. 93-251, Oct. 5, 1994 (Me.P.U.C.).
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