In the Matter of PUBLIC SERVICE ELECTRIC AND GAS COMPANY'S RATE UNBUNDLING, Stranded Costs and Restructuring Filings.
In the Matter of the Petition of PUBLIC SERVICE ELECTRIC AND GAS COMPANY for a Bondable Stranded Cost Rate Order in Accordance With Chapter 23 of The Laws of 1999, To Authorize the Imposition of A Nonbypassable Transition Bond Charge, to Authorize the Sale of Bondable Transition Property, The Issuance and Sale of not to Exceed $2.525 Billion Aggregate Principal Amount of Transition Bonds by a Financing Entity to Recover Petitioner's Bondable Stranded Costs, and the Application of Transition Bond Proceeds to Retire Outstanding Utility Debt, Equity or Both, and to Approve the Formula for the Calculation and Adjustment of the Transition Bond Charge and Market Transition Charge and Market Transition Charge-Tax Related Thereto.
Supreme Court of New Jersey.https://leagle.com/images/logo.png
Argued November 8, 2000.
Decided December 6, 2000.
Opinion Filed May 18, 2001.
Attorney(s) appearing for the Case
Phyllis J. Kessler, New York, NY, for appellant New Jersey Business Users (Kudman Trachten Kessler Newman & Rich and Goldberg, Mufson & Spar, attorneys; Ms. Kessler and Jeffrey L. Kantowitz, on the briefs).
Blossom A. Peretz, Ratepayer Advocate, and Gregory Eisenstark, Deputy Ratepayer Advocate, Newark, for appellant Division of the Ratepayer Advocate (Ms. Peretz, attorney; Mr. Eisenstark, Diane Schulze, Assistant Deputy Ratepayer Advocate and Nusha Wyner, Kurt S. Lewandowski and Ami Morita, Deputy Ratepayer Advocates, on the briefs).
Philip L. Chabot, Jr., a member of the District of Columbia bar, Washington, District of Columbia, for appellant Co-Steel Raritan (Pearson and Shapiro, attorneys).
Helene S. Wallenstein, Senior Deputy Attorney General, Newark, for respondent New Jersey Board of Public Utilities (John J. Farmer, Jr., Attorney General of New Jersey, attorney; Andrea M. Silkowitz, Assistant Attorney General, of counsel).
John A. Hoffman, Woodbridge, for respondent Public Service Electric and Gas Company (Francis E. Delany, Jr., Corporate Rate Counsel and Wilentz, Goldman & Spitzer, attorneys; Mr. Hoffman, Mr. Delany, James T. Foran, R. Edwin Selover, Anne S. Babineau and Matthew M. Weissman, of counsel and on the briefs).
James E. McGuire, Princeton, for respondent New Jersey Commercial Users (Reed Smith Shaw & McClay, attorneys).
Gerald W. Conway, Morristown, for respondent Jersey Central Power & Light Company, d/b/a GPU Energy (Thelen Reid & Priest, attorneys; Mr. Conway and Marc B. Lasky, of counsel; Pauline Foley, on the brief).
William Harla, for respondent Independent Energy Producers of New Jersey (DeCotiis, Fitzpatrick, Gluck, Hayden & Cole, attorneys).
Michael J. Mehr, Secaucus, for respondent Tosco Refining Company (Waters, McPherson, McNeill, attorneys).
Stephen B. Genzer, Newark, submitted a brief on behalf of respondent Atlantic City Electric Company (LeBoeuf, Lamb, Greene & MacRae, attorneys; Mr. Genzer, Mark L. Mucci and Colleen A. Foley, on the brief).
Murray E. Bevan submitted a brief on behalf of respondent Enron Energy Services, Inc. (Courter, Kobert, Laufer & Cohen, attorneys; Richard P. De Angelis, Jr., on the briefs).
James C. Meyer, Morristown, submitted a letter in lieu of brief on behalf of respondent Rockland Electric Company (Riker, Danzig, Scherer, Hyland & Perretti, attorneys).
Supreme Court of New Jersey.
PER CURIAM.
Plaintiffs in this case have challenged the August 24, 1999 Final Decision and Order ("Final Order") issued by the Board of Public Utilities ("BPU") in respect of Public Service Electric and Gas Company's ("PSE & G") rate unbundling, stranded cost and corporate restructuring filings. Also at issue is the validity of the BPU's September 17, 1999 Bondable Stranded Costs Rate Order ("BSCRO"), issued in response to PSE & G's petition to securitize...
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