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Maryland PSC authorizes Potomac Edison to issue up to $425 million in long-term debt
Summary
The Public Service Commission granted Potomac Edison authority to issue up to $425,000,000 of long-term debt to refinance bonds, fund capital expenditures and general corporate purposes and granted a good-cause waiver of a COMAR affidavit requirement because the utility has two board members.
The Public Service Commission on April 2 authorized Potomac Edison to issue up to $425,000,000 in long-term debt to refund existing bond obligations, fund capital expenditures and support general corporate purposes.
Staff attorney Hola Dibba Fadei told the commission that Potomac Edison filed the application on Feb. 18 and requested, in addition to the debt authority, a “good cause” waiver of COMAR 20.07.04.02A (article 12) because the company has only two members on its board and therefore could not supply the affidavits normally required from three board members. Staff found the application compliant with COMAR and recommended approval under COMAR 20.07.04.02C.
Joseph Curran, appearing for Potomac Edison, said the company prepared the application and worked with staff on follow-up questions. The commission moved to grant the application and issue a final order authorizing the issuance in compliance with COMAR 20.07.04.02C and granting the requested good-cause waiver of COMAR 20.07.04.02A subpart 12.
Commissioner Sussman, Commissioner Barbet and Commissioner Richards each voted “Aye.” The motion passed unanimously.
