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The next month, in July 1983, WPPSS defaulted on $2.25 billion of municipal bonds, [10] [11] which is the second largest municipal bond default in U.S. history. [3] The court case that followed took nearly a decade to resolve, and WPPSS acquired the nickname "Whoops" in the media.
Prior to I-394, WPPSS had the authority to issue bonds without voter consent as a municipal corporation. [ 6 ] Just a few years later, with the failure of WPPSS to sell nearly US$961,000,000 (equivalent to $3,034,110,000 in 2023) in bonds to complete the project, WNP-3 was placed in an extended construction delay in July 1983 while nearly 76 ...
Nuclear Implosions: The Rise and Fall of the Washington Public Power Supply System is a 2008 book by Daniel Pope, a history professor at the University of Oregon, which traces the history of the Washington Public Power Supply System, a public agency which undertook to build five large nuclear power plants, one of the most ambitious U.S. construction projects in the 1970s.
The Site Certification Agreement was approved in 1975, with construction commencing on both units later that year. [5] Labor disputes at Hanford halted construction on WNP-1, -2 and -4 in 1980 and the forecast electric demand had failed to materialize, prompting WPPSS to install new management and re-evaluate the cost and schedule for all five nuclear projects. [6]
Following the WPPSS's default on bonds in 1983, the agency sued to recover lost funds. [ 14 ] In 2005, the PUD uncovered audio tapes revealing that Enron energy traders were intentionally manipulating the market during the Western U.S. energy crisis by encouraging suppliers to shut down plants to perform unnecessary maintenance. [ 15 ]
WPPSS defaulted on $2.25 billion in bonds resulting in payments that exceeded $12,000 per customer, an amount which was finally paid out in 1992 (10 years later).
Ratings agency Fitch said Wednesday that “a default or a default-like process has begun” because Russia missed a March 2 payment to foreign investors, such as funds that invest in emerging ...
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