Vectren 2013 Annual Report Download - page 51
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49
The Company has accrued the estimated costs for further investigation, remediation, groundwater monitoring, and related costs
for the sites. While the total costs that may be incurred in connection with addressing these sites cannot be determined at this
time, the Company has recorded cumulative costs that it has incurred or reasonably expects to incur totaling approximately
$43.4 million ($23.2 million at Indiana Gas and $20.2 million at SIGECO). The estimated accrued costs are limited to the
Company’s share of the remediation efforts and are therefore net of exposures of other potentially responsible parties (PRP).
With respect to insurance coverage, Indiana Gas has received approximately $20.8 million from all known insurance carriers
under insurance policies in effect when these plants were in operation. Likewise, SIGECO has settlement agreements with all
known insurance carriers and has received to date approximately $14.3 million of the expected $15.8 million in insurance
recoveries.
The costs the Company expects to incur are estimated by management using assumptions based on actual costs incurred, the
timing of expected future payments, and inflation factors, among others. While the Company’s utilities have recorded all costs
which they presently expect to incur in connection with activities at these sites, it is possible that future events may require
remedial activities which are not presently foreseen and those costs may not be subject to PRP or insurance recovery. As of
December 31, 2013 and 2012, approximately $5.7 million and $4.6 million, respectively, of accrued, but not yet spent, costs are
included in Other Liabilities related to the Indiana Gas and SIGECO sites.