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June 5th, 2013

Fortis/Central Hudson proposal is amended

Assemblymember Kevin Cahill (D-Ulster, Dutchess) regarding the release of Central Hudson/Foris on their modifications to their acquisition plan.

"I am reviewing the revised proposal and urge ratepayers, community activists and leaders to do the same. After a side by side study of the original scheme, the revised offer and the issues raised, I will determine whether the modifications are enough to change this plan from being just plain bad for ratepayers and our region.

"It is important to note that already, however, if this revised proposal differs significantly from what has been filed, that further proceeding, including a full evidentiary hearing should be required.

"Also, I am troubled by the statement included in the letter to Central Hudson customers that suggests that absent a takeover, the company’s future is in doubt. This is in direct contradiction to prior statements Central Hudson has made to the public and the shareholders. Further, threatening ‘near-term delivery rate increases’ is both utterly unsupported and irresponsible. Reports of community organizations being bullied by Central Hudson to pledge support has now, apparently become the general approach of the increasingly desperate corporate takeover advocates."

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