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Central Hudson defends financial filing

Aug 07, 2013 7:03 am
William J. Kemble reports in the Daily Freeman Central Hudson Gas & Electric Corp. is defending the secrecy surrounding the submission of its speculative financial outlook to the state Public Service Commission. The presentation redacts more than half of the public version of the document. A Central Hudson spokesman on Tues., Aug. 6, said the filing contains information only intended for the eyes of ratings agencies. The filing was required under the approval of the $1.5 billion takeover of Central Hudson parent CH Energy Group by Canadian-based Fortis Inc. Merger opponents contend Fortis and Central Hudson should be required to disclose information about the financial status of a utility that impacts 300,000 electric customers and 75,000 natural gas customers in eight counties, including Ulster, Dutchess, Greene and Columbia. Central Hudson acknowledged that allowing the public to view the financial forecast would raise questions about the accuracy of credit agency reports. The company claims the financial data are in fact, trade secrets. Read the full story in the Daily Freeman.
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