Niagara Mohawk preparing "Comprehensive Proposal".SYRACUSE, N.Y.--(BUSINESS WIRE)--Sep. 1, 1995--Niagara Mohawk Power Corp. (NYSE NYSE See: New York Stock Exchange : NMK NMK National Museums of Kenya NMK Natural Multimedia Keyboard NMK Network Management Knowledge ) plans to file a comprehensive proposal this fall with the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Public Service Commission to relieve financial pressures and to position the company to compete in the future electricity market, according to company Chairman and Chief Executive Officer William E. Davis William E. "Bud" Davis is a former university president and Democratic politician and head football coach. He was an interim head football coach for the Colorado Buffaloes for the 1962 season. . "We are already discussing a variety of issues with the state and other parties in proceedings before the Public Service Commission," Davis said. "In addition to rate levels, generation costs and competitive issues, the PSC (Public Service Commission) Same as PUC. has also directed the parties to address maintenance of the company's investment-grade bond credit rating Summary In investment, the credit rating assesses the credit worthiness of a corporation's debt issues. It is analogous to credit ratings for individuals and countries. The credit rating is a financial indicator to potential investors of debt securities such as bonds. and the burdens of social programs and other social costs presently included in rates. We believe all parties recognize the importance of addressing these issues promptly." "In the past two days there has been undue focus on worst-case scenarios," Davis said. "We have options available for avoiding severe financial measures and we are pursuing them." In addition to the comprehensive proposal, Davis said the company is seeking legal, regulatory and legislative relief from mandated power purchases from unregulated generators. Furthermore, the company is attempting to obtain substantial reduction of excessive state and local taxes. CONTACT: Niagara Mohawk Power Corp., Syracuse Kenneth M. Tompkins, 315-428-3523 or Arthur W. Roos, 315/428-6009, or after hours for emergency media calls only, 315/428-3151 |
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