PacifiCorp informed FERC, PG&E, and the state of California that it would not renew the contract upon its long-anticipated expiration date of July 31, 2007. Instead, it would take back full...
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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