RECEIVERSHIP STALLED OVER ELECTRIC COMPANY TAKE-OVERS

(02/02/2006)

The take-over of several independent electric companies has been slowed. Some of them also provide local water. The PSC said yesterday it has reached an agreement not to place the utilities, at least two serving Clay County, in receivership. The agency had moved to take over seven utilities on Monday, saying they had not paid their bills, and had failed to refund customers $1.6 million dollars. The PSC was upset that the utilities, managed by David Musser, had loaned about two million dollars to West Virginia Engineering Company and Glem Company. The utilities are Black Diamond Power, Elk Power, Elkhorn Public Service, Kimball Light and Water, Union Power, United Light and Power and War Light and Power. They provide service to residents in Clay, McDowell, Raleigh and Wyoming counties. Musser agreed yesterday to reimburse the utility companies all outstanding funds and said that any future loans between the companies will not be made without prior approval from the commission. The companies had not paid their bill to American Electric Power, which discontinued service. A new deal is apparently being hatched.

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