Word: edisonizing
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...programs, and are having trouble selling bonds at interest rates they can afford. Two weeks ago, Florida Power & Light could sell only about half of a $100 million issue that paid interest at 8¾%. Nor do utilities have much chance of successfully selling new stock issues. When Consolidated Edison of New York skipped its first-quarter dividend, its action depressed the prices of all utility stocks. Robert Nathan, a consultant to utilities and member of TIME'S Board of Economists, suggests that if utilities are not allowed to raise their rates faster, their financing problems could become...
...Court of Appeals Wednesday ordered the Federal Power Commission to reopen its hearings on a controversial Consolidated Edison power facility, on the grounds that the plant's effect on Hudson River aquatic life has not been adequately considered...
Consolidated Edison has already begun construction of the plant's water tunnel, including excavation at the base of Storm King Mountain. Thomas Bush, a spokesman for the utility, said yesterday that all work was "proceeding normally" despite the court decision...
...there is one thing an electric utility is supposed never to do, it is omit a quarterly dividend; investors buy utility stocks primarily to get those dividends. Last week the unthinkable happened: New York's Consolidated Edison Co., the biggest U.S. power generator, skipped its dividend for the first time in its 89-year history. The news gave Wall Street a high-voltage shock. Con Ed stock promptly lost a third of its value, dropping from 18 to 12 (it closed the week at 12⅜), and the dive dragged down prices of many other utility stocks...
...Consolidated Edison also denies that putting pressure on the courts, or terminally discouraging environmentalists, was the motive behind its seemingly premature construction start. It also denies that it made no official announcement of the groundbreaking-no press releases, no pictures of smiling executives in hardhats pushing a golden spade into the mountain loam--in order to avoid the adverse publicity it would undoubtedly bring...