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The agreements stemmed from Mirant's purchase of power plants and some power-supply contracts from Pepco in June 2000 for $2.65 billion.
That will not ease the actual shortage of energy -- only conservation and more generating capacity can do that -- but it will help reduce the $1 billion a month the state is currently paying to subsidize the purchase of power.
Utilities also realize that in the wake of last year's mergers, bigger companies have more opportunities to cut costs, to market their electricity more aggressively and to negotiate better deals for the purchase of power.
But as we contemplate this rush of money, which shows signs only of increasing, it is worth pausing to remember an era not too long ago when modern ethical niceties did not stand in the way of the purchase of power.
Other steps Mr. Kessel set forth in a Feb. 13 address to the Hauppauge Industrial Association include possible LIPA purchase of power plants now owned by KeySpan, more transmission capacity to import power from off the Island, increased conservation and reliance on alternative energy sources like fuel cells, wind power and photovoltaic systems for up to 10percentt of the Island's power by 2010.
The White House has acknowledged that Vice President Dick Cheney and other members of the administration pressed Indian officials last year to pay Enron the money owed to it from the purchase of power generated by the 2,200-megawatt 2,200-megawatt south of Bombay.
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As Governor Davis signed an emergency bill today granting the state the authority to make large scale purchases of power, lawmakers from both parties said they were reluctant to provide more than the initial $400 million allotted for the purchases.
A8 Respite From Blackouts State purchases of power helped California avoid temporary blackouts for the first time in three days, but the financial deterioration of the utilities led to a clash between the companies and state government.
With purchases of power flowing between ever more distant plants and customers, a constant choreography must be maintained, with the flow being measured every two, or in some cases, four seconds.
The sales will help finance its $554 million purchase of a power plant in Washington.
That purchase of wind power is verified by an independently audited system.
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