PSI decides to write off most of its $2.7B Marble Hill investment

After the Indiana Supreme Court ruled last November that the utility may not recover its investment from the cancelled plant, Public Service Indiana (PSI) decided to write off a substantial portion of the $2.7 million already invested in the cancelled Marble Hill nuclear plant. The board will omit common stock dividends for three years and the preferred stock dividend for the first quarter. It will also accept a negotiated rate settlement of 8.2% increase. A 5% emergency surcharge will become permanent. The settlement calls for the utility to restrict capital expenditures over the next three years to the $285.1 million already budgeted for construction. Opposition from a consumers group argues that ratepayers should not be the risk bearers for PSI, but the utility argues that its long-term financial health depends on attracting and keeping investors