Posted: Aug 11, 2011 10:39 AM
Source: Associated Press, The Advocate
BATON ROUGE - Louisiana utility regulators have voted unanimously that Entergy Corp. shareholders - and not its customers - will foot a $1 million bill for a mistake in publicizing a bond sale.
According to The Advocate the Public Service Commission ordered Entergy Louisiana to refund customers on their October bills for interest accrued from Aug. 5 until the bonds are sold.
The bonds will reimburse Entergy Louisiana for $206 million it spent on an abandoned plan to convert a natural gas generator at the Little Gypsy plant near LaPlace to use petroleum coke and fuel. A monthly surcharge paid by Entergy Louisiana customers will guarantee the bonds.
A mistake in the legally required publishing of Entergy's intent requires the company to give notice of the bond sale again.