PSC - Restructuring Orders

Fortnightly Magazine - May 15 1998
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PLANS OK'D for electric IOUs under New York's Competitive Opportunities docket.

Reuters Events – Energy Transition North America 2022 – #ETNA2022 – Register Now – Houston, Texas; November 9–10

CENTRAL HUDSON GAS & ELECTRIC CORP. RETAIL CHOICE: Offered to 8 percent of total load in 1998; additional 8 percent each year; choice for all by July 1, 2001. SAVINGS: $10.5 million to fund 5-percent rate cut for large industrials; all other rates frozen (since 1993) through June 30, 2001. Earmarks $24.5 million for incentives for residential, commercial and small industrial classes. Generation backout rate is highest among IOU restructuring plans. DIVESTITURE: Must auction fossil generation by June 30, 2001. Company receives 5 percent of gross proceeds up to net book value, even if sale at a loss, plus 10 percent of gross proceeds above net book value, subject to $17.5 million cap. RETURN ON EQUITY: All earnings above 10.6 percent return on equity go to customers. OTHER: $3.5 million for system benefits (efficiency, environmental protection) for first 3 years of plan. See, Case 96-E-0909, Feb. 19, 1998 (N.Y.P.S.C.).

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