Article: CON EDISON AGREES TO BUY 400 MEGAWATTS OF FIRM POWER FROM HYDRO-QUEBEC; CONTRACT SEEN AS THE MOST COMPETITIVE ON THE MARKET

NEW YORK, Dec. 13 /PRNewswire/ -- Con Edison (NYSE: ED) and Montreal-based Hydro-Quebec today signed an electricity contract guaranteeing the supply of firm summer capacity to Con Edison beginning on April 1, 1999, and ending on March 31, 2004. The contract provides for Con Edison to purchase a minimum of 400 MW and a maximum of 700 MW of firm power, as well as corresponding energy varying from 2-3 terawatt hours per year. Hydro-Quebec and Con Edison have been exchanging electricity for the last 20 years.

This new contract is, in effect, an extension of an earlier diversity contract that started in 1978 and runs to 1998 and, for Con Edison, represents the most ...

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