Moreover, in addition to the approval of two-thirds of Nashua's Board of Aldermen, a definitive settlement agreement may also be subject to approval by the NHPUC
and, depending on the terms of the settlement, Pennichuck shareholders.
As previously disclosed, shortly after commencing a hearing before the NHPUC
in January 2007 to determine the merits of the City of Nashua's eminent domain case, Pennichuck and the City announced a 120-day postponement of proceedings in order to engage in confidential discussions regarding a possible comprehensive settlement of their dispute.
This agreement with Unitil is being conducted pursuant to orders of the NHPUC
to implement retail electric competition in New Hampshire effective May 1, 2003.
These factors include, but are not limited to, timing and results of eminent domain proceedings before the NHPUC
, and the impact thereof on consolidated business operations; legislation or regulation and accounting factors affecting Pennichuck Corporation's financial condition and results of operations; and, the impact of weather.
The court explained that the Filed Rate Doctrine did not prevent the NHPUC
from deciding whether CVEC's power purchases were prudent given the alternative wholesale sources available.
This matter is scheduled to be adjudicated before the NHPUC
in January 2007.
This increase in revenues was due primarily to rate relief approved by the NHPUC
and implemented by Pennichuck Water Works, Inc.
Any rate change ultimately awarded by the NHPUC
will be retroactive to January 1, 2006.