MAINE YANKEE PRUDENCE. The Maine Public Utilities
Commission will investigate the prudence of Maine Yankee Atomic Power Co.'s decision to close its nuclear plant permanently.
Merrill Lynch (two building tenants) gave the utility high marks for reliability. It quoted Salomon manager Henry A. Clark as skeptical of choosing an electric supplier just as state law-makers were debating a timetable for competition.
Com Ed's Jeff Madsen puts it this way: "They are circumventing the law by locking those tenants into fixed-rate contracts, before any reform law will take effect in Illinois. There is deregulation legislation underway in the state capitol right now. Everyone expects a bill to be passed by late May, with a phased transition to deregulation with open-access pilot programs beginning in 1988.
"The fact that the bill is pending right now raises a question about why CILCO would try to spend all this money at this exact time and lock in the tenants. They're simply replacing one monopoly with another."
Articles found on this page are available to Internet subscribers only. For more information about obtaining a username and password, please call our Customer Service Department at 1-800-368-5001.