Monday, July 02, 2012
ConEd labor dispute over changing pensions to 401k's could impact electric power stability, recovery
A labor dispute at ConEd, including a lockout, based in large part over ConEd’s plan to freeze its pension plan and convert over to a “defined contribution” style 401(k) arrangement, is hinting at possible disruptions in power service in the New York region, ironically the day after a major derecho storm caused massive power disruptions from New Jersey down to Virginia. In theory, a similar kind of incident could happen in New York (and there was a massive failure in 2003).
Management employees may be filling in with the “dirty work” in manholes, and management retirees have been called back.
It’s not clear whether any ConEd employees are helping with power restorations in the mid-Atlantic, but a lockout could produce some disruptions in the restoration indirectly.
The Wall Street Journal story by Pervais Shall Wani on July 1 is (website url) here.