Entergy shareholders will foot bond mistake bill

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Posted: Aug 11, 2011 10:39 AM
Source: Associated Press, The Advocate

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Topics: baton rouge, louisiana, utility, regulator, commission, bond, sale, refund, wbrz, louisiana, bill

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.

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