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Fortnightly Magazine - October 1 1997

TVA, Utilities Settle Lawsuit

Five utilities suing the Tennessee Valley Authority for allegedly making electric sales to unauthorized third parties for resale outside its service territory have agreed to a joint settlement.

The settlement calls for TVA only to sell or deliver power to authorized exchange power companies. TVA agreed not to knowingly enter any exchange power transactions if the purchaser buys that power intending to resell it at wholesale to an unauthorized entity. TVA will reiterate its contract requirements with its exchange power companies.

Byline: 
Lori A. Burkhart
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Northeast Utilities Settles Nuclear Management

Northeast Utilities Co. has reached an agreement in principle with its shareholders who had claimed that certain NU trustees and officers had failed to manage prudently the affairs of the utility, causing problems for its nuclear power program.

The settlement calls for insurers of those trustees and officers named in the suit to pay NU $25 million, less attorney's fees. NU has agreed to certain corporate governance changes. The agreement was reached after more than eight months of mediation by retired U.S. District Judge Robert C.

Byline: 
Lori A. Burkhart
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Perspective

To the discomfort of my predilections, I cannot deny that which is just.

In the June 1 issue of PUBLIC UTILITIES FORTNIGHTLY, Ken Rose ("Securitization of Uneconomic Costs: Whom Does It Secure?" p.

Byline: 
Daniel William Fessler
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