Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword or section
Like this
4Activity
0 of .
Results for:
No results containing your search query
P. 1
Recommended decision: Fortis application for acquisition of CH Energy/Central Hudson

Recommended decision: Fortis application for acquisition of CH Energy/Central Hudson

Ratings: (0)|Views: 5,384|Likes:
Published by Tony Adamis
Public Service Commission administrative law judges issue recommended decision to PSC in proposed acquisition 05-3-13
Public Service Commission administrative law judges issue recommended decision to PSC in proposed acquisition 05-3-13

More info:

Published by: Tony Adamis on May 04, 2013
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

05/04/2013

pdf

text

original

 
 STATE OF NEWYORK PUBLIC SERVICE COMMISSIONCASE 12-M-0192 - Joint Petition of Fortis Inc., Fortis US Inc.,Cascade Acquisition Sub Inc., CH Energy Group,Inc., and Central Hudson Gas & ElectricCorporation for Approval of the Acquisition oCH Energy Group, Inc. by Fortis Inc. andRelated Transactions.NOTICE OF SCHEDULE FOR FILING EXCEPTIONS(Issued May 3, 2013)Attached is the Recommended Decision of AdministrativeLaw Judges Rafael A. Epstein and David L. Prestemon in thisproceeding. Briefs on exceptions are due electronically to theSecretary atsecretary@dps.ny.govand to all active parties by4:00 p.m. on May 17, 2013.Briefs opposing exceptions are due by 4:00 p.m. onMay 24, 2013, following the same procedures. The parties’briefs should adhere to the guidelines for filing documents withthe Secretary (www.dps.ny.gov).(SIGNED) JEFFREY C. COHENActing Secretary
 
 STATE OF NEWYORK 
 
PUBLIC SERVICE COMMISSIONCASE 12-M-0192 - Joint Petition of Fortis Inc., Fortis US Inc.,Cascade Acquisition Sub Inc., CH Energy Group,Inc., and Central Hudson Gas & ElectricCorporation for Approval of the Acquisition oCH Energy Group, Inc. by Fortis Inc. andRelated Transactions.RECOMMENDED DECISIONBYADMINISTRATIVE LAWJUDGESRAFAEL A. EPSTEIN AND DAVID L. PRESTEMON
 
  Table of ContentsBACKGROUND..................................................... 1
 
PUBLIC COMMENTS................................................ 5
 
DESCRIPTION OF JOINT PROPOSAL................................. 11
 
A.
 
Risk Mitigation ......................................... 12
 
1.
 
Corporate Structure, Governance and FinancialProtections .......................................... 12
 
a.
 
Goodwill and Acquisition Costs ..................... 12
 
b.
 
Credit Quality and Dividend Restrictions ........... 13
 
c.
 
Money Pooling ...................................... 16
 
d.
 
Special Class of Preferred Stock ................... 17
 
e.
 
Financial Transparency and Reporting ............... 17
 
f.
 
Affiliate Standards ................................ 18
 
g.
 
Follow-On Merger Savings ........................... 19
 
h.
 
Corporate Governance and Operational Provisions .... 19
 
2.
 
Performance .......................................... 21
 
a.
 
Performance Mechanisms ............................. 21
 
i.
 
Service Quality ................................. 21
 
ii.
 
Electric Reliability ............................ 22
 
iii.
 
Gas Safety .................................... 22
 
iv.
 
Leak-Prone Pipe ................................. 23
 
b.
 
Expenditure Requirements ........................... 23
 
i.
 
Right-of-Way Tree Trimming ...................... 23
 
ii.
 
Stray Voltage Testing ........................... 23
 
iii.
 
Infrastructure Investment ..................... 24
 
B.
 
Incremental Benefits .................................... 24
 
1.
 
Rate Freeze .......................................... 24
 
2.
 
Earnings Sharing ..................................... 25
 
3.
 
Synergy Savings ...................................... 25
 
4.
 
Deferral Write-Offs and Future Rate Mitigation ....... 26
 
5.
 
Community Benefit Fund ............................... 26
 
a.
 
Low Income ProgramEnhancements .................... 26
 
b.
 
Economic Development ............................... 27
 
6.
 
State Infrastructure Enhancements .................... 28
 

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->