Lilco struggles to survive
Few utilities have suffered more than the Long Island Lighting Co. from the problems plaguing the U.S. nuclear power industry. For nearly 20 years, Lilco has been trying to bring its Shoreham, N.Y., nuclear plant on line. That facility is now hopelessly behind schedule, and the cost of the project, originally budgeted at $261 million, is approaching $4.1 billion, or more than 15 times the initial estimates.
Last week the struggling firm outlined a survival program that includes layoffs of nearly 1,000 employees, or 20% of its work force, together...
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