Met Ed gets reprieve: banks lend tax money
A consortium of banks agreed to loan Metropolitan Edison $23 million to pay its April 15 state taxes and temporarily relieve a cash-flow problem that is leading to default after the Pennsylvania Public Utility Commission expedited a rate request. The continued solvency of Met Ed is a matter of speculation because the present credit formula is based on liquid assets which the PUC did not address. While the action taken by the bankers gives Met Ed a reprieve, it does not provide a long-term solution. The Revolving Credit Agreement will expire on October 1. Met Ed is still faced with the problem of relicensing Three Mile Island-1 unit and the cost of underwriting the cleanup of the No. 2 unit. (DCK)
- OSTI ID:
- 6530466
- Journal Information:
- Electr. Light Power; (United States), Journal Name: Electr. Light Power; (United States) Vol. 59:5; ISSN ELLPA
- Country of Publication:
- United States
- Language:
- English
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220901 -- Nuclear Reactor Technology-- Reactor Safety-- Accident Liability
29 ENERGY PLANNING, POLICY, AND ECONOMY
290600* -- Energy Planning & Policy-- Nuclear Energy
ACCIDENTS
ECONOMIC IMPACT
ELECTRIC UTILITIES
ENRICHED URANIUM REACTORS
FINANCIAL ASSISTANCE
FINANCIAL INCENTIVES
FINANCING
POWER REACTORS
PUBLIC UTILITIES
PWR TYPE REACTORS
RATE STRUCTURE
REACTOR ACCIDENTS
REACTORS
REGULATIONS
THERMAL REACTORS
THREE MILE ISLAND-2 REACTOR
WATER COOLED REACTORS
WATER MODERATED REACTORS