UPDATE: AG Opinion says Power associations don't have investment authority

Mississippi electric power associations do not have the authority to take “extra” finances and make risky investments, the state attorney general said Monday.

Complete details are forthcoming, but Public Service Commissioner Brandon Presley said this morning he sought the opinion after he learned that Magnolia EPA, based in McComb, sunk some $5 million into now-defunct Stanford Financial Group and still hasn’t recovered about $2 million.

“Now, the commission needs to establish some regulations to say that what happened at Magnolia never happens again,” Presley said.

Read Tuesday’s NEMS Daily Journal for more details.

Patsy Brumfield/Daily Journal