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Avangrid and Puget Sound Energy Sign PPA, Including Upgrade and Life Extension, for Washington Wind Project

LCG, May 19, 2026--Avangrid, Inc., a member of the Iberdrola Group, today announced the signing of a long-term Power Purchase Agreement (PPA) with Puget Sound Energy (PSE) for the 199.5-MW Big Horn I wind project in Klickitat County, Washington. This agreement represents the fourth PPA executed by the two companies for projects in the Pacific Northwest.

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DOE Acts to Ensure Key Coal-fired Power Plants Are Available in MISO to Supply Peak Summer Demands

LCG, May 18, 2026--The U.S. Secretary of Energy today issued an emergency order to address critical grid reliability issues in the Midwest anticipated this summer. The order is in effect beginning on May 19, 2026, through August 16, 2026. The emergency order directs the Midcontinent Independent System Operator (MISO), in coordination with Consumers Energy, to ensure that the J.H. Campbell coal-fired power plant (Campbell Plant) in West Olive, Michigan shall take all steps necessary to remain available to operate and to minimize costs for the region.

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Industry News

Mirant May Have Overstated 2001 by $253 Million

LCG, July 31, 2002-Mirant Corporation announced yesterday that it may have overstated assets and liabilities last year by $253 million due to unintentional error.

Mirant said that a law firm hired to look at its 2001 accounts, King & Spalding, found that there were overstated accounts and overstated liabilities.

The company had apparently overstated its liabilities by $100 million, its gas inventory by $85 million, and its accounts receivable by $68 million.

The errors were initially detected when differences in assets and liabilities accounting could not be squared.

In the wake of Enron's collapse, energy companies' shares have plummeted. Mirant has cut 700 jobs, sold $1.12 billion in securities, and sold nearly $1.6 billion in assets in the last 7 months.

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