New Mexico utility, PNM, signed a one-year extension agreement with U.S. Navy to sell 60 megawatts of power at San Diego facilities.
Agreement is to provide round the clock power from Oct. 1, 2007, immediately after the expiration of old agreement which starts one year back. The back-to-back contracts are part of the company's wholesale strategy to enter into long-term contracts in the West. This is the second time PNM has renewed its power-supply relationship with the Navy.
In the past four months, PNM entered into long-term wholesale power agreements totaling 255 megawatts.
In January the company expanded an agreement and began delivering up to 45 megawatts of power to the Overton Power District 5 in Nevada.
In November, PNM signed a 10-year, 150-megawatt power agreement that begins in 2007 with Arizona Public Service, the state's largest electric utility.
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