Six out of eight members of the New York Power Pool have asked the Federal Energy Regulatory Commission to approve a request to provide electricity, installed capacity and ancillary services at...
N.Y. PSC Calls for Speed
The New York Public Service Commission (PSC) has proposed accelerated restructuring of the electric industry in Phase II of its "competitive opportunities" proceeding (Case No. 94-E-0952). The proposal calls for wholesale competition by 1997, retail competition by 1998, separating generation from transmission and distribution, and forcing utilities to absorb a portion of their stranded investment.
Moody's Investors Service believes the proposal has generally negative credit implications for New York's investor-owned utilities. Moody's has revised its ratings outlooks from stable to negative for New York State Electric & Gas and Rochester Gas & Electric. Consolidated Edison maintains its current negative rating outlook. Long Island Lighting Co. and Niagara Mohawk are being reviewed for possible downgrade. Central Hudson Gas & Electric Corp. and Orange & Rockland Utilities, Inc. maintain stable ratings. Standard & Poor's will not place their ratings on CreditWatch because the final PSC decision may be modified substantially, or the retail wheeling timetable extended.
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