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COLUMBUS SOUTHERN POWER PREFERRED ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --

 COLUMBUS SOUTHERN POWER PREFERRED ON FITCHALERT NEGATIVE
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 31 /PRNewswire/ -- Columbus Southern Power Co.'s (CSP) 'BBB-' cumulative preferred stock is placed on FitchAlert with negative implications.
 The action reflects the May 12, 1992, regulatory order issued by the Public Utilities Commission of Ohio dealing with CSP's recovery of Zimmer Plant costs. Conversion of the Zimmer Plant from nuclear to coal-fired generation was completed and commercial operation began on March 30, 1991. Although the commission provided for a $123 million rate increase to be phased into rates over three years, the order excluded from rate base $165 million of Zimmer Plant costs. The commission attributed these costs to nuclear wind down items, a loss on disposal of nuclear fuel, and carrying costs incurred during the 1984- 1986 period when Zimmer construction was interrupted.
 CSP can appeal to the commission for a rehearing of the rate case or appeal the order in the Ohio court. However, should CSP fail to reverse the exclusion of $165 million in Zimmer costs, the company estimates the disallowance would result in a $150 million after tax charge. Since the company's March 31 retained earnings were $121.4 million, a one-time charge of Zimmer costs would prevent the declaration and payment of dividends on cumulative preferred stock for a period of time.
 -0- 7/31/92
 /CONTACT: Robert Hornick of Fitch, 212-908-0564/ CO: Columbus Southern Power Co. ST: Ohio IN: UTI SU: RTG


PS -- NY028 -- 5541 07/31/92 11:05 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
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