Duluth, MN, Jan. 29, 2008 — Minnesota Power announced that it has signed a term sheet outlining two purchased-power agreements with Manitoba Hydro — an initial purchase by Minnesota Power of surplus energy to begin in 2008, and a 15-year-term Minnesota Power purchase of 250 megawatts beginning in about 2020.
The long-term sale will require construction of hydroelectric facilities in northern Manitoba and major new transmission facilities between Canada and the United States. Minnesota Power and Manitoba Hydro each has one year to complete negotiations and sign definitive agreements. The agreements would be subject to the approval of the Minnesota Public Utilities Commission.
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