Word: lilco
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...waiting for details, many voters have been far more critical of Cuomo's own, more modest $1.6 billion cut, seen as cynical from a man who could have proposed it long before the election (much like his last-minute scheme to lower state electricity rates by buying the huge Lilco utility). Says Lee Miringoff of Marist College, one of many pollsters who have chronicled a Pataki lead of about 44% to 40%: "Cuomo has a problem: he's running on his past record. Pataki, on the other hand, has no appreciable past...
...billion Shoreham nuclear plant has been denied permission to operate at full power since it was completed in 1984. Reason: lack of an approved evacuation plan. As community opposition has grown, the facility has been the subject of legal and political wrangling. Last week a federal jury found LILCO and its former president, Wilfred Uhl, guilty of lying to state officials about Shoreham's progress in 1978 and 1984 in order to obtain rate increases to help finance the project. Uhl and LILCO were fined $22.8 million...
...that is far from the utility's only problem. Six months ago, LILCO made a pact with New York Governor Mario Cuomo to sell Shoreham for $1 to the state, which would then scrap it. In exchange, LILCO was promised generous rate increases to help recover its investment in the plant. The deal may still go through, but last week's verdict brought LILCO face to face with another threat: a $2 billion-to-$4 billion class-action suit on behalf of nearly 1 million customers that could drive it into bankruptcy...
...agreement capped two decades of controversy over Shoreham. The plant was not licensed by the U.S. Government to go into service, mainly because the surrounding communities would not accept LILCO's emergency-evacuation plan. Though the utility clung to the hope that it might get a license, Governor Mario Cuomo became determined that the plant would not start up. To ensure Shoreham's demise, the state decided to buy the facility, but talks with LILCO dragged on for six months, to the point where New York prepared a $7.8 billion takeover bid for the entire utility. Cuomo set a deadline...
...LILCO, the $1 price is not as bad as it sounds: as part of the deal, the state will guarantee the company minimum annual rate increases of 5% for at least three years and possibly a decade. Thus LILCO customers will be forced to pay part of the $2.5 billion that the utility still owes for the construction of Shoreham. For the beleaguered U.S. nuclear power industry, though, there was no consolation. After a decade in which not a single new atomic power plant was ordered and 78 that were planned or under construction were canceled, the industry...