Word: lilco
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...York City, lies a vast, intricate and inert tangle of 20th century technology. Completed 4 1/2 years ago, it has cost $5.3 billion to build and maintain. But the Long Island Lighting Company's Shoreham plant has never gone into service -- and probably never will. Last week LILCO agreed to sell the idle facility to New York State for $1. If the deal is approved, as expected, by several state and federal agencies, the plant will be dismantled and the pieces carted away, as soon as the state can figure out how to dispose of the radioactive core...
...repairman from New York's Long Island Lighting Co. was trying to fix a faulty home-heating system when he found a mysterious oily sludge in the natural-gas pipe connected to the house. LILCO soon learned that the substance contained dangerous concentrations of PCBs, a class of highly toxic industrial chemicals. That startling discovery in 1981 eventually led the Environmental Protection Agency to launch a major investigation of Texas Eastern, the Houston-based firm that supplied the gas to LILCO. Last week, in the largest settlement of an EPA case in history, Texas Eastern (1986 revenues: $4.1 billion) agreed...
...Massachusetts, residents of Brockton marched against the local office of Edison Electric. Rhode Island Governor Edward DiPrete ordered an investigation of utilities' storm readiness, while Long Islanders fumed over the fact that the chairman of Lilco, the often bumbling local utility, was holidaying in Europe while they groped in the dark. In desperation Lilco distributed 100 tons of dry ice to residents who were watching their food spoil. All told, Gloria did less damage than expected by meteorologists and hyperactive news organizations, but its misery was prolonged...
...Lilco has cut nearly 1,000 jobs, trimmed wages and reduced its budget by $100 million. But that is not expected to be anywhere near enough. Even if Lilco makes it through the summer, more pressures await in the fall. The utility faces a $90 million bond redemption in September that it says it cannot pay on time. If the bondholders demand money just the same, Lilco could be forced into bankruptcy...
There is no doubt, though, that if Lilco or any other major utility declared bankruptcy, the ripples would spread through the financial community. Just one bankruptcy, says Analyst Liu, would "cost the entire industry its credibility." Bank credit, already difficult to obtain because of heavy risk, would dry up altogether. The various state public service commissions would move in and run the reorganized, bankrupt utilities. Whatever happens, says Francis Rivett, a spokesman for the New York PSC, "the lights...