Byline: CHRISTOPHER MARTIN Bloomberg News
SYRACUSE -- Niagara Mohawk Power Corp.'s plan to pay down debt and reduce electricity costs to get ready for competition won the support of all its suppliers except for CalEnergy Co.
Under the plan, which New York regulators approved in February, Niagara Mohawk will collect $6 billion in costs stemming from high-priced power-purchase contracts and power plant debt.
The plan also would reduce Niagara Mohawk's obligations with 28 independent power producers in exchange for $3.6 billion in cash or debt and 46 million shares of Niagara Mohawk stock, or about 25 percent equity ownership.
Niagara Mohawk …
No comments:
Post a Comment