Saugerties Times: Takeover will mean higher electric rates, say critics

The proposed takeover of Central Hudson by Fortis faces strong opposition from community members and representatives, citing higher rates and job loss as two concerns. 

Read the full article originally published in the Saugerties Times.

Under the Fortis-Central Hudson proposal, $5 million would be allocated to the five-county Central Hudson service area. According to the Public Utility Law Project of New York (PULP), a not-for-profit organization serving the needs of residential customers, only $500,000 of that money would be directed to low-income customers. Citizens for Local Power found that a pittance, considering that in 2011 one of every ten Central Hudson customers either had their service cut off for non-payment or were more than 60 days in arrears.
Opponents said the $5 million in community benefits would be dwarfed by nearly $25 million in payouts to five top Central Hudson executives. The biggest beneficiary, according to Citizens for Local Power, would be President and CEO Steven Lant, who would receive $8.74 million in cash plus $2.5 million in stock.