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Merge N.Y. Utilities, Says Sithe

Fortnightly Magazine - January 15 1996

Sithe Energies Inc. claims that its restructuring proposal, "Energizing New York," would save ratepayers $15 billion over 10 years, while creating a favorable environment during the transition to competition. The proposal would:

s Merge the state's seven investor-owned utilities, perhaps into one upstate and one downstate utility

s Postpone retail wheeling for five years, or until the state's overcapacity issue is resolved

s Refinance certain utility assets with longer-term public debt

s Allocate up to 300-megawatts of low-cost power by independent power producers for up to 10 years for economic development purposes

s Establish a panel to determine whether certain nuclear plants should be shutdown.

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