July 1, 2001
L.A. Loves a Loophole
There's no getting around it...
Ohio Repeats Warning to Centerior
The Ohio Public Utilities Commission has reaffirmed its "recommendation" (issued April 11 in a rate case order) that Toledo Edison Co. and Cleveland Electric Illuminating Co. (subsidiaries of Centerior Energy Corp.) should write down $1.25 billion in assets over the next five years to avoid the danger of even greater commission-mandated cost disallowances.
The PUC rejected arguments that it should have ordered the write-down directly. The PUC warned: "[W]e expect the company to act upon our complete recommendation," It added that Centerior did not dispute the recommendation in its application for rehearing. Case Nos. 95-299-EL-AIR et al., June 12, 1996 (Ohio P.U.C.1996).
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