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RCED-83-84 1 (1983-01-13)

handle is hein.gao/gaobabmuo0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON. D.C. 20548 AEgOURCSU COWiUNITY, VCONOMC VULOPMNt January 13, 1983 B-199244 The Honorable James J. Howard House of Representatives Dear Mr. Howard: Subject: Comments on Options To Reorganize the General Public Utilities Corporation (GAO/RCED-83-84) Your September 1, 1982. letter requested that we comment on several questions related to (1) helping reduce the financial burden on the ratepayers of the accident at Three Mile Island (TMI) and (2) rebuilding a sound financial base for its owners. In accordance with agreements reached with your office, we are providing a written summary of the information we developed. This letter summarizes the answers to your questions. Your specific questions and our detailed responses are provided in enclosure I. As agreed with you, we reviewed information previously devel- oped by GAO and other organizations that have studied the issues at TMI. We also interviewed and obtained information from a wide cross section of ind4'iduals involved with TMI. They include representatives from the Securities and Exchange Commission (SEC); the Nuclear Regulatory Commission (NRC); the Federal Energy Regulatory Commission (FERC); the Edison Electric Institute; the State utility commissions in New Jersey and Penrsylvania; the Governor's office in Pennsylvania; the General Public Utilities Corporation (GPU) which owns TMI; and various members of the finan- cial community, including investment bankers and specialists in electric utility financing. We also attended a public hearing conducted by NRC on November 9, 1982, in Harrisburg, Pennsylvania, regarding the restart of THI-1. Our review was done in accordance with oenerally accepted government audit standards. Your first questions inquired about the viability of reorga- nizing GPU, either by a public takeover or through a diverstiture. The individuals we interviewed generally agreed that the reorganiza- tion options offered are not viable because they would not expedite the cleanup process, reduce the impact of the accident on consumers (309353)

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