HomeMy WebLinkAboutFlorida Power Will Raise Rates-1992 Bank_wants Chapter 11 filing dismissed
By Jack Snyder U.S.Bankruptcy Court court to permit it to proceed with
ermessrasrus The bank said it filed a foredo- the foreclosure.
sure suit on June 8 against Seville The limited partnership first
The Royal Bank of Canada is of Orlando Ltd.,owners.of the 170- filed its bankruptcy petition in the
seekingilismis Bank
of a Chapter 11 unit Seville on the Green apart- Tampa Division of the U.S. Bank-
seeking dismissal
of a Chapter ments at 300 Sheoah Blvd The ruptcy Court. The bank objected,
ban Bled by tr e.,r reorganization
of a pets- bankruptcy reorganization pen- saying the only reason the debtors
Son ileapyth eowner of a tint wa8 filed Jane 22, the hank .filed there was because its actor-.
said. net's are based in Tampa.
A hearing will be held Oct. 1 in The bank also is asking the Royal Bank of Canada said the
Florida Power
partnership loge debt on its
April 1.
ower n The Highlands mortgage debt on April 1.
The Highlands Homeowners Asso-
ciation said it is owed $106,181.80
will raise for homeowners' assessments for
se rates both 1991 and 1992.
In its motion to continue operat-
ing is the complex during the rent
this fail has$9Z 6 monthly mid
and$112,715 In monthly expenses.
an The will be he at.1:30
G Regulators granted the utility $85- p.m. at the SouthTrust Bank
million increase in revenue and will set Building in downtown Orlando.
rates on Monday.
Electric rates likely to rise in November
PSC from C-1 revenue to make up for lower pro-
jected electric sales and higher
The PSC plans to implement costs to maintain and'operate
the higher rotes In"the smoothest
power plants. The commission
ashion" to prevent customers also approved ithat'a 12-percent retain
'rem seeing dramatic changes in on equity ei investment in can
heir bills,Beard said tom on their rate investment in the
Most likely, the rate increase less company.the,288 of t sought
ht
viii fall between proposals by the by the con 'ysnmo sought
ompany and PSC staff. Ave the 11.5 c percent proposed more the
ustorner rates would have Average PSC's staff.ant by the
..reased $8.52 a month under the ••
company's plan and$3.37 a month In another decision that con-
under the staffs recommendation- sumer advoeates caged a.victory,
the Customers should see rates be- request for rejected a m on bonus company's
r
gin to rise starting in November. "superior management" of rates,
The increase will be completed by energy efficiency and customer
late 1993. service.
•
Florida Power, based in St. Pe-
tersburg, serves about 1.2 million Florida Power officials said
customers, including about Tuesday until th PSC would izedt revenue
412,000 in Central Florida estiil the PSC the an revenue
estimate ate bvious company today.
The utility requested its .first "It's an obvious disappointment" C
rate increase in more than eight said spokesman Rick Janke. 9a a / a 3
years to op pay for new power plants, Consumer advocates also were
y dismantle old plants and cover
medical and life insurance bone- d'smaYed, saying the decision-al-
lowed for retired employees.Most of lowed the utility and its share-
those costs were covered in the holders to earn top much money
$66-million recommendation by at the expense of customers. "I
the PSC's staff. think people are going to resent
the decision," said Shreve. "It's
The PSC approved additional lust not fair."- -