Paducah Power interim general manager: We are seeking relief
Paducah Power Interim General Manager Mark Crisson is outlining his plans to reduce power rates for customers.
“We want to reaffirm that we are re-dedicating ourself to that plan,” he told Local 6.
Next month, he’s meeting with creditors to go over his 23 page rate recovery plan. It includes selling a portion of Paducah Power’s share in Prairie State, marketing and selling assets, and refinancing debt. One thing that won’t be considered is filing for bankruptcy. After talking with bankruptcy lawyers, Crisson said Paducah Power isn’t in a financial position to do so.
“What they indicated to us is that because Paducah Power is not insolvent, because we are able to pay our bills, that we are not a candidate for bankruptcy,” Crisson said.
He is eyeing reducing the power cost adjustment. It was added to customer’s base rates because Prairie State wasn’t performing at capacity. He anticipates reductions in the power cost adjustment in the middle of next year.
“While we’re not able to lower that further, I want to make sure that our customers understand we are working hard to keep it where it is,” he said.