Word: lilco
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...supposed to cost $241 million when it was started in 1965 and was expected to go on line in 1975. Now nearly a decade behind schedule, the plant will cost at least $4 billion, or 15 times the original estimate, and could run the Long Island Lighting Co. (Lilco) even more before it produces any electricity. The utility last year had a continuing battle with Suffolk County officials over the approval of evacuation plans in case of an accident. The emergency procedures were finally approved, but now the plant's diesel generators have been found to be defective...
...impact of such overruns on the companies involved is enormous. Lilco, which concedes that it now has a cash-flow problem, is paying more than $1 million a day in interest on its Shoreham loans and losing $1.5 million for each day that start-up is delayed. New York Governor Mario Cuomo said last week that he doubted Shoreham would ever begin operating and that he saw no reason why the state should bail Lilco out of its losses. "Let them take a bath," he said. "They're a private corporation...
These actions hamper the companies' efforts to raise capital and keep their nuclear projects going. They also hit utility stockholders, who may see the value of their investments shrink. The price of Lilco's stock dropped last year from $17 to $10.13, costing the company's 181,127 stockholders an estimated $70 million. The ultimate victims may be consumers. Lilco customers, who already have the highest electricity bills in the U.S., can expect to pay up to 50% more to help cover the costs of building the Shoreham plant. Public Service Co. of New Hampshire is prevented by law from...
...could be the most expensive commercial electricity ever produced. Long Island Lighting Co. rates, already 60% higher than the U.S. average, could go up by about 40%, to 15? per kwh. But according to the plant's officials, without Shoreham rates would go up twice as much because Lilco would have to pay to scrap the nuclear operation and build an alternative plant...
Security for the protest cost LILCO an estimated $250,000, and the Suffolk Co. police $150,000 more; the expenses, naturally, would be passed on to ratepayers and taxpayers. The occupation attempt brought construct on, normally light on a Sunday, to a one-day halt, a short-lived moral victory. Proceedings for the arrested clogged District Court in Hauppauge for a week, and about half of the protesters have turned down an offer to have the charges dismissed in six months and instead opted to plead not guilty and demand a jury trial. Self-defense, they'll say, and repeat...