Word: lilco
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Dates: during 1980-1989
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...Lilco...
...article on nuclear power, "Pulling the Nuclear Plug" [ENERGY, Feb. 13], incorrectly states that Suffolk County's battle with Lilco over emergency planning has been resolved and that "emergency procedures were finally approved." No such approval has occurred. Early in 1983, after exhaustive study, I concluded that it would be impossible to protect the county's 1.3 million residents in the event of a nuclear accident at the Shoreham facility. The county legislature agreed. No formal emergency plan has ever been approved by Suffolk County or the Nuclear Regulatory Commission...
Meanwhile, Lilco cannot charge its customers for much of its mushrooming costs, currently estimated at $400 million a month in interest and other overhead, until Shoreham begins to provide electricity. Says Paine Webber's corporate vice president Peter Jadrosich: "If they don't bring Shoreham into service, they're going to bleed to death...
...utility's seemingly Intractable problems have already dragged the price of its stock from a high of $19.75 a share in 1978 to $7 at the close of last week. Investors are likely to be wary of the shares for some time, since Catacosinos says that Lilco will not resume paying dividends until the company is in considerably better financial shape...
Nevertheless, many experts see improving long-term prospects for Lilco, if not for Shoreham. The austerity measures that Catacosinos announced last week will save the company $374 million this year without reducing essential customer services. The firm must still find $70 million to $100 million in additional savings before the end of the year, or it will have to raise new funds. New York State officials are not prepared to allow the utility to go bankrupt, but a consensus has yet to develop on how to provide aid. One possibility: a tax-free state loan to help Lilco manage...