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Citing the ongoing Competitive Opportunities Proceeding as well as recent public statements by New York Public Service Commission (PSC) chairman John O'Mara, Fitch Investors' Service predicts that New York will aggressively approach electric industry restructuring.
Fitch believes electric utility bondholders could be adversely affected by PSC policies that order less than full stranded-cost compensation, establish penalties to force disaggregation, or provide bailouts that transform weak companies into strong competitors. The aggressive stance of the governor and PSC, however, increases the probability of a shortfall in full stranded-cost recovery.
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