Allegheny Energy to Provide Electricity to City of Hagerstown.HAGERSTOWN, Md.--(BUSINESS WIRE)--June 24, 1998--The City of Hagerstown, Md., has selected Allegheny Energy Allegheny Energy (NYSE: AYE) is a traditional public utility based in the Pittsburgh suburb of Greensburg. It services communities in Western Pennsylvania, Western Maryland, Northern West Virginia, Northwest Virginia. (NYSE NYSE See: New York Stock Exchange : AYE), doing business as Allegheny Power, to provide approximately 325,000 megawatt-hours of electricity a year for the next five years. The agreement was finalized See finalization. June 23 when it was approved by Hagerstown's City Council. The contract calls for the Company to supply electricity to Hagerstown at negotiated wholesale rates that are approximately 15 percent lower than the Company's current agreement with the city. Hagerstown will resell re·sell tr.v. re·sold , re·sell·ing, re·sells 1. To sell again. 2. To sell (a product or service) to the public or to an end user, especially as an authorized dealer. the power to residential and business customers according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the city's retail rate schedule. The new contract is effective June 25 and will expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. on June 30, 2003. "This agreement is good for Hagerstown, its retail customers, and for Allegheny Energy," said Jay Pifer, Senior Vice President. "The City of Hagerstown has been one of our valued customers, and we are pleased that we will be able to continue to supply electricity to them for another five years." Allegheny Energy's current contract with the city is due to expire on June 24. Last July, Hagerstown announced that it would seek proposals from electricity suppliers that were interested in serving the city. Negotiations have been under way since that time. "We made a proposal, as did other companies, to serve the city's electricity demand," Pifer said. "After studying its options, based on price and reliability, the city decided that we made the best offer. We think this is evidence that in the competitive marketplace, Allegheny Energy's reliable service at low prices will continue to be attractive to electricity consumers." Allegheny Energy is an investor-owned electric utility serving approximately 1.4 million customers in parts of Ohio, Maryland, Pennsylvania, Virginia, and West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . The company has its headquarters in Hagerstown, Md., and corporate centers in Greensburg, Pa., and Fairmont, W.Va. CONTACT: Allegheny Energy, Hagerstown Cynthia A. Shoop, 301/665-2718 e-mail: cshoop@alleghenypower.com |
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