Utilities group National Grid has agreed with Long Island Power Authority to modify and extend their power supply agreement for at least another 12 years.
National Grid owns and manages a number of power plants on Long Island, with a generation capacity of 3,700 megawatts. The company has been supplying that electricity to communities and businesses across Long Island since 1998, under an agreement with Long Island Power that is currently set to expire in May next year.
Once all regulatory approvals are received, the new agreement would give National Grid and Long Island Power new options for updating and modernising the power plants through retiring, or "repowering," existing facilities while reducing energy costs and improving environmental performance.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The share price rose 0.65% to 699.50p by 13:22.
NR
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
