News
Harvard Researchers Develop AI-Driven Framework To Study Social Interactions, A Step Forward for Autism Research
News
Harvard Innovation Labs Announces 25 President’s Innovation Challenge Finalists
News
Graduate Student Council To Vote on Meeting Attendance Policy
News
Pop Hits and Politics: At Yardfest, Students Dance to Bedingfield and a Student Band Condemns Trump
News
Billionaire Investor Gerald Chan Under Scrutiny for Neglect of Historic Harvard Square Theater
HARRISBURG, Pa.--Utility stockholders and customers are disputing who will pay the estimated $1 million-a-day cost of replacing electricity generated by the crippled Three Mile Island nuclear energy plant.
Wilson Goode, Pennsylvania's chief rate-making official, said yesterday the state will begin hearings and an investigation on Tuesday, but will not decide the issue for at least 60 days.
Replacement costs are normally passed along to customers automatically. That would mean the 346,000 customers served by Metropolitan Edison Co., operator and part-owner of the plant, could pay an extra $7.50 a month, federal energy experts say.
If the state commission bars the automatic pass-through costs to consumers, General Public Utilities. Metropolitan Edison's parent company, would shoulder the burden. General Public Utilities has 177,000 stockholders, but the insurance Metropolitan Edison carries would absorb the costs.
Dave Kluscik, a spokesman for Metropolitan Edison, said yesterday the company would have to borrow to pay capital costs and repay previous loans if investors sell their stock, charging customers in the long run.
Hugh Carella, executive director of the Pennsylvania Association of Older People, said yesterday, "We fight like hell to prevent our people from paying for this disaster."
Want to keep up with breaking news? Subscribe to our email newsletter.