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Northeast Utilities Subsidiary Pens Energy Pact
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Business New Haven
1/5/2004
By: BNH
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BERLIN - Select Energy, a competitive subsidiary of Northeast Utilities, has announced a one-year wholesale electric supply contract with NSTAR, a Massachusetts-based electric distribution company. The contract was awarded following a competitive bidding process and took effect January 1. Select Energy calculates that revenues from the deal will exceed $100 million.
Under the agreement, Select Energy will provide electric default service to NSTAR subsidiaries Cambridge (Mass.) Electric Co., Boston Edison Co. and the Commonwealth Electric Co. The contract will provide power over 12 months to commercial and residential customers, plus a three-month term for industrial accounts. Peak load is expected to reach 650 megawatts.
Select Energy also recently won wholesale electric contracts to provide default service to national grid subsidiaries Massachusetts Electric Co. and Narragansett Electric Co. Together the two pacts are expected to generate some $145 million in revenue for Select Energy.
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