Marc W. Chupka, former special assistant to Energy Secretary Hazel R. O'Leary, has been promoted to acting assistant secretary for policy. He replaces Dan Reicher, now O'Leary's chief of staff....
PSC - Restructuring Orders
8 percent for small commercial (average rate 6.8 cents per kWh); 7.5 percent for residential and small commercial by final year of term; cumulative reduction of $64.6 million by July 1, 2001. Backout rate is 2.3 cents per kWh during energy-only stage (includes 1.9 cents plus retailing charge), to rise to 3.2 cents per kWh by July 1, 1999, equal to combined fixed and variable strandable non-nuclear generation costs, plus retailing costs (contingent on development of statewide market for energy and capacity). DIVESTITURE: Required for fossil and hydro generation. Shareholders keep 20 percent of any net gain on sale, but 40 percent of first $20 million if divestiture occurs quickly. Nuclear investments (Ginna, Nine Mile II) would remain in regulated T&D company. RETURN ON EQUITY: Ratepayers receive 50 percent of excess earnings above 11.5 percent. OTHER: System benefit charge allowed for research and development, energy efficiency, low-income and environmental programs. Company must file market power mitigation plan with FERC. See, Case 96-E- 0898, Opinion No. 98-1, Jan. 14, 1998 (N.Y.P.S.C.).
(em Bruce W. Radford, editor
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