Niagara Mohawk Financial Decline Deepens Amid Nine Mile 2 Issues
Niagara Mohawk faces potential bankruptcy as analysts warn of an 88 million in one time profits loss and higher future rates. Nine Mile 1 reactor remains down since 1987, forcing replacement power costs up to 425 thousand daily, with authorities debating regulatory priorities and creditors' rights.
MENTIONED IN THIS ARTICLE
Niagara Mohawk
Margaret McTigue
Pershing
Donaldson Lufkin & Jenrette
Utility
Stephen F. Brady
William Denton
Donton
Rosemary Pooler
Syracuse
State Public Service Commission
Pooler
Larry Smukler
New Hampshire
Wall Street
Nine Mile 1
Nuclear Regulatory Commission
Nine Mile 2
Federal Nuclear Regulatory Commission
Niagara Mohawk Faces Large Losses and Rate Hikes Amid Nine Mile 1 Issues
Niagara Mohawk Power Corp faces a mounting financial crisis tied to the Nine Mile Point 1 shutdown. The utility projects heavy monthly restart costs, explores a potential rate increase, and faces possible refunds to ratepayers if a state probe finds mismanagement. Earnings have fallen sharply from 1984 to 1988, with analysts predicting further declines and a potential dividend suspension. Credit ratings are under pressure as the company seeks substantial borrowing through 1993 to fund projects.
MENTIONED IN THIS ARTICLE
Niagara Mohawk
Nine Mile Point 2
First Albany Corp
Ple
Standard & Poor's
Moody's Investors Service
Richard Kessel
State Consumer Protection Board
Kessel
Niagara Mohawk weakens as Nine Mile 1 fund struggles unfold
Analysts warn only speculators should own Niagara Mohawk stock as the utility faces long delayed costs from the Nine Mile 2 plant and sustained losses from Nine Mile 1. The company plans a large rate increase to cover replacement power and pension gains while stock dividends have been slashed and bonds weaken.
MENTIONED IN THIS ARTICLE
Eisenberg
U.S
Public Service Co. of
New Hampshire
Seabrook
N.H
Niagara Mohawk
Doris Kelley-Alston
Merrill Lynch
Margaret McTigue
Pershing
Donaldson, Ruskin & Jenrette
Kuyers
Also Mentioned on This Page
Autility
Nimo
Theodore Eisenberg
Cornell University
Umity
Niagara Mohawk Power Corp
Sithat
Mnet
Nine ‘Mile Point
Np Service Commission
Hi Algo
PSC
Setteak
Niagare Hohaik Ake
Francis Rivett
Upstate
Rivett
William Donlon
Peach Bottom
McTigue
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