part, Order 22, 838, Jan. 20, 1998.) According to Central Vermont, if the order remains in effect, Connecticut Valley no longer would qualify for cost-based accounting and would be required to reduce its 1997 earnings by $3 million. The write-off would lead to a default of $4 million of outstanding debt. Central Vermont has asked the PUC to vacate its order. Central Vermont also plans to ask FERC to approve a $45 million exit fee in order to recover stranded costs if the contract is voided.
Lori A. Burkhart and Phillip S. Cross are contributing legal editors. Beth Lewis is editorial assistant.
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