Duquesne Light Co president Wesley von Schack told shareholders that current state law and regulatory policies will result in higher capital rates and higher rates for customers. Pennsylvanias recently enacted excess capacity legislation denies shareholders the opportunity to earn a fair return on their investment and undermines economic development in Pennsylvania von Schack told shareholders at the annual meeting. Von Schack said two major bond rating agencies have recently downgraded Duquesnes credit rating due to regulatory uncertainty. The action will result in higher capital rates and higher rates for customers he said. He said the Pennsylvania Utility commission indicated in its most recent rate case decision that even if newly constructed Perry No. 1 nuclear plant was in commercial operation shareholders would be denied a return on their investment in the plant. Von Schack called on shareholders to join it and certain legislators efforts to create a partnership to fight these issues and resolve these problems.
DUQUESNE LIGHT <DQU> HURT BY LEGISLATION