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Utility merger comes under fire at public hearing
Apr 20, 2013 12:02 am
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(dailyfreeman.com)[/caption]
The New York State Public Service Commission held its final public hearing in the Hudson Valley Thurs., Apr. 18, on the proposed $1.5 billion acquisition of the Central Hudson Gas and Electric Corporation by Fortis Inc. Fortis, a Canada-based corporation, is estimated to be worth $1.44 billion. The company has been acquiring utilities in the Northeast and the Caribbean. The acquisition proposal under consideration would bring about the indirect acquisition of Central Hudson through the merger of its parent company, CH Energy Group Inc., with a subsidiary of Fortis. Nearly 90 people were in attendance at Kingston City Hall for the second of two hearings held by the Commission on the issue. Among the speakers Thursday night, none spoke in favor of the takeover, and no one from Fortis offered public comment. Citizens voiced many concerns, including the lack of information available about the details of the merger. Many attendees demanded an additional extension of the comment period. Others alleged Fortis has a poor environmental record, and that local jobs would be lost. The Commission may approve, approve with changes, or reject the proposal in whole or in part. The public comment period ends May 1.
(dailyfreeman.com)[/caption]The New York State Public Service Commission held its final public hearing in the Hudson Valley Thurs., Apr. 18, on the proposed $1.5 billion acquisition of the Central Hudson Gas and Electric Corporation by Fortis Inc. Fortis, a Canada-based corporation, is estimated to be worth $1.44 billion. The company has been acquiring utilities in the Northeast and the Caribbean. The acquisition proposal under consideration would bring about the indirect acquisition of Central Hudson through the merger of its parent company, CH Energy Group Inc., with a subsidiary of Fortis. Nearly 90 people were in attendance at Kingston City Hall for the second of two hearings held by the Commission on the issue. Among the speakers Thursday night, none spoke in favor of the takeover, and no one from Fortis offered public comment. Citizens voiced many concerns, including the lack of information available about the details of the merger. Many attendees demanded an additional extension of the comment period. Others alleged Fortis has a poor environmental record, and that local jobs would be lost. The Commission may approve, approve with changes, or reject the proposal in whole or in part. The public comment period ends May 1.
PLAY Elisa Ball, Kingston Alderwoman and spokesperson for state Senator Cecilia Tkaczyk (2:41)
PLAY Jeanne Walsh, Supervisor for the Town of Rosendale (4:01).
PLAY Betty Pritcha, a teacher speaking for the first time at a public hearing (5:02).
PLAY Manna Jo Green, Environmental Action Director of Hudson Sloop Clearwater (6:20).
PLAY John Speedling, President Coordinator, Hudson Valley Area Labor Federation (HVALF) AFL-CIO (3:18).
PLAY John Kaiser, President, IBEW (International Brotherhood of Electrical Workers) Local 320 (2:38).
UPDATE (Apr. 26): PLAY Public comment collage, Apr. 18 PSC public hearing (13:32).
-- Sam Sebren