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Minnesota OKs Xcel $1 bln power deal with Manitoba |
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| USA: December 23, 2002 | ||
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NEW YORK - The Minnesota Public Utilities Commission unanimously approved a $1 billion deal that continues the export of power from Manitoba Hydro to Minneapolis-based Xcel Energy Inc. (XEL.N).
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The 500-megawatt, 10-year deal was approved Thursday, a spokeswoman for Xcel told Reuters. The new deal, an extension of an existing agreement, will allow power to be exported until 2015. Minnesota environmental groups and native tribes have said the deal might encourage building new dams that could cause flooding in Manitoba. The PUC, however, said an existing Northern Flood Agreement addresses the concerns brought about by local tribes. Xcel has said the contract extension was a necessary and important energy source for its electric system.
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REUTERS NEWS SERVICE
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