Word: conned
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Dates: during 1970-1979
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...When Con Ed originally announced its proposal for the Storm King plant, the cost estimates ranged around $234 million. Now, ten years later, that estimate has risen to $457 million--almost twice the price. Con Ed has denied repeatedly that the facility is any less economical today than it was ten years ago, despite statements from economists and the New York City Environmental Protection Administration to the contrary...
Meanwhile the utility announced Tuesday--while cancelling its first dividend to its stockholders since it began paying them in 1885--that it has asked New York State to buy two of the large new generating plants Con Ed currently has under construction. It also said it was suspending, at least temporarily, a costly modernization program designed to replace old plants with new facilities in anticipation of future savings...
Despite the fact that neither of the plants Con Ed is attempting to sell has cost as much as the Storm King facility will, a company spokesman was eager to deny yesterday that the utility's current financial problems would have any effect on the construction. The utility's difficulty, he said, lay in its immediate cash situation. Con Ed apparently expects this to disappear before payday rolls around for its construction crews...
Having failed to win its point directly, the city informed the Village of Cornwall-on-Hudson that it would be prohibited from tapping New York City's water supply if it allows Con Ed to use the Cornwall Reservoir for the Storm King plant. Cornwall has sued, and the case is pending. So is a suit brought by environmentalists seeking to reopen Federal Power Commission hearings on licensing procedures on the plant. And so is an appeal of a decision requiring the utility to obtain Army Corps of Engineers permits for some of its construction operations...
...these pending lawsuits would delay its projected construction start, and its denial proved correct: Construction crews arrived at the mountain a few weeks ago, and began clearing the brush before beginning blasting the tunnel. Asked whether the utility has any reservations about starting before the litigation is complete, Con Ed denies that it does; "We have every expectation that we will win," the spokesmen say. And in the event that an adverse decision halts the project? "We have every expectation," the spokesmen repeat, "that we will win." And if not, they seem to imply, Cornwall will be left with...