A news release from Empire is roughly equivalent to a report on Empire by many area news outlets, since most of those reports sounded or read like news releases from Empire. Naturally, buried at the end of the release is the news that Empire customers will eventually pay the freight for recovery of the costs. The news release reads as follows:
Beginning on Sunday, December 9, a large portion of The Empire District Electric Company (NYSE: EDE: 23.00, +0.13, +0.56%) service area suffered substantial damage as the result of a major winter storm system that brought sleet and freezing rain. Over the course of the three-day storm, approximately 65,000 customers, or nearly 40 percent of the Company's electric customer base, lost service. As of this evening, we expect service to be restored to all customers who are able to receive it.
Property damage and reconstruction costs are currently estimated at approximately $15 million. The allocation of costs associated with the storm is not yet finalized, but Empire expects a significant portion of those expenditures to be capitalized. The impact on earnings per share for the fourth quarter of 2007 is likely to be material. The recovery of these costs is an issue that will be addressed in future rate cases.
3 comments:
That's pretty much what it all comes down to any more, isn't it Randy?
Looking good on the stock exchange is the goal. Providing services or producing a product is merely incidental.
My power is still out, they're using the flimsy excuse of my meter loop needs to be replaced. B.S.! Their line, (that is supposed to be able to hold 200 lbs. static weight) came down from a 3" diameter branch. They also said I need to clear a path to their pole. The debris that they are referring to, it the crap their out of state repair crew left me from the storm in January!
anonymous 3:08 p.m.
you have debris in your yard that's been there since January?
Is that what you're saying?
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