Word: seabrooks
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BLARING HEADLINES last week trumpeted the news that a new financial plan had been worked out to save the Seabrook nuclear power plant. Smiling utility executives declared that the new financing-which entails the borrowing of close to $1 billion-will allow the completion of the first unit at Seabrook and prevent the bankruptcy of the plant's leading owner. Public Service Co. of New Hampshire. Work on the two-unit power plant had been halted in April when Public Service ran out of money and announced that it was on the brink of default...
Even among the dozens of troubled nuclear-power projects in the U.S., New Hampshire's Seabrook stands out as a whopping loser. The project's expected cost went from $900 million in 1972 to current estimates of up to $9 billion. Its principal owner, Public Service Co. of New Hampshire, admitted last month that because of Seabrook it may be forced into bankruptcy. If that happens, it will be the first major U.S. utility to file for bankruptcy since the Great Depression. Last week, in a drastic effort to keep itself solvent, the company abruptly halted work...
...executive director of the city's high schools, as acting chancellor. Quinones, a conservative educator, has already announced that he will re-evaluate Alvarado's plans; many teachers fear that imaginative programs to improve education in the city's poorest areas will be dismantled. Says Luther Seabrook, superintendent of Harlem's District 5: "There's a personal tragedy with Tony-but dammit, it's a greater tragedy for the rest of us in the system...
...SEABROOK. Besieged by members of the Clamshell Alliance and other environmentalists, the two-reactor Seabrook plant was begun by Public Service Co. of New Hampshire in 1976 and was slated to cost $973 million. Unit 1, which stands near the coast, may be ready in July 1985, but the company is making no predictions as to when?or whether?Unit 2 will be completed. The utility is currently revising both its construction schedule and the cost projections for the whole project. The most recent estimate: $5.8 billion...
...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 imposing the expense of construction work at Seabrook on the public until it is receiving power from the plant. If Seabrook 2 ever goes on line, the company will have to increase rates by 40% to 50% to recover its investment. Consumers may not even be spared from paying for abandoned nuclear operations. Companies like Public Service...