Some utilities are approaching the brink
Planned and built in another, more optimistic age, America's electric utilities were modeled after the grandiose ideas of Thomas A. Edison, a hero of 19th century applied science. Now the industry is wallowing in unheroic times. In Midland, Mich., last week, directors of Consumers Power voted to stop construction on a nuclear project that is already $3.25 billion over budget, while local companies and state officials debated whether to save the plant. In New York, nearly 4,000 maintenance workers went on strike over wages against troubled Long Island Lighting, which is on the brink of default,...
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