The Post's coverage of the bankruptcy filing by Public Service of New Hampshire {Business, Jan. 29} missed the most important point: this is a utility brought to its knees by the arbitrary action of a governor of another state, Michael Dukakis of Massachusetts.

The Seabrook nuclear power plant has been completed for 20 months. It has not received a license largely because Gov. Dukakis has refused to allow Massachusetts to take part in the emergency planning required by federal regulators. If he had cooperated, the plant would be operating today. It would be reducing our oil imports by 10 million barrels a year; the cost of the plant would be millions of dollars less; and Public Service of New Hampshire would be solvent, if not prosperous.

A secure supply of electricity is vital to the economy of New England. Its eight nuclear plants avoid the burning of more than 50 million barrels of oil every year and supply New England with one-third of its electricity. Nuclear plants have been operating safely there since 1960. Electric power demand in New England is increasing faster than the national average, and without nuclear energy the only real options are more im-ported oil and Canadian electricity. Both hurt our balance of payments and each has a security-of-supply risk.

It is distressing that an elected official -- one who is presenting himself as a presidential candidate -- would not only drive a company into Chapter 11 but, more important, take such a dangerous attitude toward our need for energy and economic security.

DIXY LEE RAY Washington The writer has been governor of Washington and chairman of the Atomic Energy Commission.