GPU Energy Expects to Challenge PaPUC Decision.READING, Pa.--(BUSINESS WIRE)--June 4, 1998--GPU Chairman and Chief Executive Officer Fred D. Hafer said he was astounded a·stound tr.v. a·stound·ed, a·stound·ing, a·stounds To astonish and bewilder. See Synonyms at surprise. [From Middle English astoned, past participle of astonen, at the action taken today by the Pennsylvania Public Utility Commission which reduces transmission and distribution rates and offers no mechanism for ensuring non-utility generation cost recovery. "The Commission has taken the Competition Act, which was designed to introduce competition to electricity generation and turned it into a vehicle for rate reduction by confiscating the property of GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. Energy and its shareholders in violation of their legal and constitutional rights," said Hafer. "If the PaPUC final order on our restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). cases follows the results of today's preliminary action, GPU Energy will vigorously pursue all available remedies to challenge the ruling." The company said that, in order to continue to be able to provide reliable service to its customers, it must have the opportunity to recover prudently incurred transmission and distribution costs distribution costs distribute npl → Vertriebskosten pl as well as non-utility generation costs. "The PaPUC's approach also violates the Pennsylvania Competition Act," said Hafer. "Apparently, no recognition was given to our historically low rates, our need to recover our substantial non-utility generation costs under government-mandated contracts and our need to maintain transmission and distribution rates at adequate levels. "The Commission failed to provide a mechanism to ensure recovery of the full amount of the company's stranded strand 1 n. The land bordering a body of water; a beach. v. strand·ed, strand·ing, strands v.tr. 1. To drive or run ashore or aground. 2. costs related to non-utility generation, while conceding con·cede v. con·ced·ed, con·ced·ing, con·cedes v.tr. 1. To acknowledge, often reluctantly, as being true, just, or proper; admit. See Synonyms at acknowledge. 2. our legal right to recovery of the actual amount of these costs. "We cannot accept today's Commission action. It is very disheartening dis·heart·en tr.v. dis·heart·ened, dis·heart·en·ing, dis·heart·ens To shake or destroy the courage or resolution of; dispirit. See Synonyms at discourage. to take a leadership role in bringing competition to our industry and choice to our customers and to be treated in this manner," said Hafer. "It would be unfortunate if the Commission's action today had the effect of delaying the benefits of customer choice that the state has correctly sought to create. This is not a good day for our customers, shareholders, vendors and employees or for the Commonwealth of Pennsylvania."
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