LILCO <LIL> REVISES 1986 NET TO INCLUDE LOSS
Long Island Lighting Co said
it revised its preliminary 1986 net income to include a 16 mln
dlrs after tax provision for its investment in the Jamesport
Nuclear units.
    Due to the provision, it said its revised 1986 net income
was 316.7 mln dlrs or 2.13 dlrs per share after deducting for
preferred stock dividend requirements, which were not paid in
either 1986 or 1985.
    It had earlier reported 1986 income of 332.7 mln dlrs or
2.28 dlrs per share.
    LILCO also said its board authorized contracts for its 
corporate officers calling for payment of one year's salary,
and continuation of insurance and retirement benefits if the
company changes hands and these officers lose their jobs.
    LILCO said none of these contracts will result in
additional costs to its customers.
    Lilco said the downward revision in its 1986 earnings is a
reserve established to reflect a settlement agreement with the
staff of New York State's Public Service Commission respecting
the utility's spending on a nuclear power station planned for,
but never built at, Jamestown, N.Y.
    The company declined to detail the settlement, explaining
the settlement has not been approved by the commission. Lilco
was seeking to include costs totaling 118 mln dlrs for the
abandoned nuclear power plant project in its rate base, a
spokeswoman said.
 Reuter
