Fortis, CH Energy offer longer rate freeze
May 31, 2013 6:57 am
William J. Kemble reports in the Daily Freeman Fortis Inc. of Canada, Thurs., May 30, countered growing opposition to its proposed $1.5 billion takeover of CH Energy Group by offering local utility customers an additional year without rate increases. CH Energy is the parent company of Central Hudson Gas & Electric Corp. The proposal was made in a letter to the state Public Service Commission. The longer rate freeze demonstrates an effort by Fortis officials to show that $50 million in storm hardening improvements to Central Hudson equipment will not result in higher costs for customers. The letter to the Commission also stated there is new evidence of "wide public support for the takeover." They cited recent union backing as an example. Separately on Thursday, environmental attorney Robert F. Kennedy Jr. added his name to the list of those opposing the Fortis-CH Energy deal. Read the full story in the Daily Freeman.