ALLEGHENY POWER SAYS IT CAN UPGRADE - Company Pivoting On Bankruptcy

(08/26/2003)

The electric company that serves much of West Virginia is already pivoting on bankruptcy. As regulators and politicians try to figure out how to prevent a repeat of the massive blackout eleven days ago, there are concerns about Allegheny Energy. The company lost huge sums of money in the energy trading business. Some analysts say the cash crunch could make it difficult for Allegheny to make huge new investments in its power grid. It could make its customers more susceptible to power outages. Allegheny spokesman Allen Staggers says the utility is comfortable with plans for new investments that were worked out two years ago with the regional power grid, known as PJM. Staggers says that Allegheny will share the costs of some upgrades with other utilities. Maryland-based Allegheny Energy has customers in parts of Maryland, Ohio, Pennsylvania, Virginia and West Virginia. Facts regarding the grid system have surprised most Americans, most who have been led to believe it had already been upgraded, high tech and had built in safeguards.

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