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NiMo Seeks to Buy Out IPP Contracts
Niagara Mohawk Power Corp. (NiMo) has offered to terminate 44 contracts, constituting 90 percent of electricity bought from independent power producers (IPPs), in exchange for a combination of cash and securities.
NiMo claimed the move would allow implementation of its PowerChoice proposal, which would permit customers to choose their electric supplier. The plan calls for NiMo to create a separate, nonnuclear generating company. Although details remain confidential, NiMo chairman and CEO William E. Davis says the buyout proposal would reverse NiMo's deteriorating financial condition. He contends that the offer would treat IPPs and NiMo's stockholders and bondholders fairly while providing substantial long-term benefits to customers.
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