Word: seabrook
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...Seabrook, N.H., nuclear power plant took eleven years to build, cost $4.5 billion in excess of its original $1 billion price and has yet to churn out a single kilowatt. The plant has generated only trouble so far, which it produced in abundance last week. Public Service of New Hampshire, owner of the largest single stake in Seabrook, a 35.6% share, filed for Chapter 11 bankruptcy, becoming the first major investor-owned utility to do so since the Depression. Though Seabrook was ready to run by the fall of 1986, its start-up has been delayed by political and public...
Manchester lawyer Robert Backus, a long-time Seabrook foe, called the filing "recognition that the Seabrook plant is and was an economic disaster. It's the final admission that it was a mistake...
Republican Gov. John Sununu, a long-time Seabrook supporter, called the development regrettable, but expressed hope that means can be found "to protect both the ratepayers of New Hampshire and the state's energy supply...
Some other Seabrook owners, utilities in New England, have said they would pick up Public Service's share of Seabrook costs, but have not made that commitment in writing...
Public Service skirted bankruptcy in 1984 and had to halt Seabrook construction for three months until the state Supreme Court let it borrow $425 million, the largest utility financing deal in U.S. history...