ENERGY
From Times Staff and Wire Reports
Texas Utility Seeks Bankruptcy Protection: El Paso Electric Co. sought Chapter 11 protection from creditors after efforts to raise rates to pay for its investment in an Arizona nuclear plant failed. The utility said the action will not affect service to its 248,000 customers. El Paso Electric has been hurt by investments in the Palo Verde nuclear plant near Phoenix and commercial real estate and thrifts. It owes creditors about $500 million. The only other major investor-owned utility to seek bankruptcy-court protection was Public Service of New Hampshire in 1988.
