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Verizon: Sandy effects could be 'significant'

Nov. 03, 2012 @ 12:00 AM

NEW YORK -- Verizon says the effects of Superstorm Sandy on its fourth-quarter earnings could be "significant."

Verizon Communications Inc., whose downtown Manhattan facilities were flooded and are still without power, said Friday it is working to restore communications services to customers affected by the storm.

The New York-based company says this could take some time.

Sandy knocked some cell towers out earlier in the week but by Wednesday they were slowly coming back to life. But ongoing power outages mean many are still disabled.

Verizon says it is not possible to estimate the precise impact of the storm on its fourth-quarter results though it could be significant.

Supervalu to lay off 700 New England employees

NEW YORK -- Supervalu is cutting 700 positions at grocery stores at a subsidiary in New England, two weeks after it posted a loss for the second quarter and said it was considering selling the company.

The company said Friday that the job cuts will take place at 169 Shaw's and Star Market stores. Shaw's, with about 17,000 staffers, is one of the oldest supermarkets in the U.S., dating back to the 1860s.

Supervalu Inc., based in Eden Prairie, Minn., fired its CEO in July after closing stores and suspending its dividend.

Competition has grown exceedingly intense and grocers are being forced to cut prices to keep cash-strapped customers from switching to competitors as they look for bargains.

Supervalu has about 125,000 employees overall.

PSC accepts settlement in electric rate case

FRANKFORT, Ky. -- Some eastern Kentucky residents are paying more for electric under a settlement accepted by the Public Service Commission.

A statement from the PSC on Friday says the panel approved the agreement on Wednesday between Big Sandy Rural Electric Cooperative Corp. and the attorney general's office.

Under the settlement, Big Sandy RECC will still increase its annual revenue by 3.7 percent, but it will raise the funding differently than first proposed. Under the agreement, the utility will charge more for usage-based energy than for the flat monthly customer charge. Rates will increase for all customers.

Big Sandy RECC, which said it needed the additional revenue to maintain its financial integrity, has about 13,000 customers in Breathitt, Floyd, Johnson, Knott, Lawrence, Magoffin, Martin and Morgan counties.