P.M. Briefing : Utility Offers to Buy Idle A-Plant
MANCHESTER, N.H. — A Massachusetts utility today offered $2.35 billion for Public Service Co. of New Hampshire if the Seabrook nuclear power plant operates and $1.4 billion if the troubled reactor doesn’t.
New England Electric System of Westboro made the offer conditional on the future operation of the plant, which is completed but lacks an operating license because of regulatory challenges on its emergency evacuation plans.
Public Service, which is in bankruptcy reorganization, is the lead owner of Seabrook.
The offer calls for running the utility under state rather than federal regulation and a promise to buy $850 million worth of power if Seabrook operates. It also includes an annual rate increase ceiling of 7% for three years.
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