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PSC - Restructuring Orders

Fortnightly Magazine - May 15 1998

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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