Met Ed gets reprieve: banks lend tax money

Journal Article · Fri May 01 04:00:00 EDT 1981 · Electr. Light Power; (United States)

OSTI ID:6530466

Utroska, D

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

Related Subjects

22 GENERAL STUDIES OF NUCLEAR REACTORS
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
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PUBLIC UTILITIES
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RATE STRUCTURE
REACTOR ACCIDENTS
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THERMAL REACTORS
THREE MILE ISLAND-2 REACTOR
WATER COOLED REACTORS
WATER MODERATED REACTORS