Westar must reorganize
The state utility regulatory agency, on Friday, Westar Energy addresses immediate steps to protect ratepayers billions of dollars of debts owed by his company Galantamin but not behind the appointment of a management audit.
The order to the conclusion that the investigation began 18 months ago, Westar financial problems, the company requires to separate the benefits of their operations unregulated businesses and submit a new plan to reduce its debt, the KCC had said up to $ 3.6 billion.
“The utilities must be separated from business, so it is not subject to the worst of past debt and WRI (Westar) is to reduce its debt, so that the risks posed by the decisions taken by the past, not to harm the benefits of the future, “KCC said in its page 65.
The KCC noted that only 1.5 billion of Westar’s total debt, with the help of the tool.
The KCC their orders a day after a federal grand jury accused David Wittig, the company Chairman, President and Chief Executive Officer, tax fraud, regardless of Westar activity of the company. At the request of Wittig, director of the company and directors about the management of cooperation, without pay, so he could devote his time to defend himself against charges that his lawyer, Jim Brandt iron, described as “unfounded”.
The company said its office, it was his “full and timely attention” to name a provisional certificate replacement Wittig.
In its decision Friday, the KCC, said the record in the case shows that Westar has strained its distribution companies $ 2.1 billion in debt Galantamin “ineffective nonutility ventures, with a participation of 88 per cent protection to monitor the safety of the company.
“It must be clear that in order to unduly influence Utility ratepayers with debts of nonutility operations” John wine, the KCC president, said in an interview after the order has been released.
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