Word: consoling
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Dates: during 1990-1999
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...million tons, including some extracted from right beneath Highway 50. With both contracts due to expire on Jan. 1, the utility saw a chance to pit the two against each other in an all-or-nothing bid to be the plant's major coal supplier. It asked both Consol and Mettiki to bid for a five-year contract, with a buyer's option to renew for an additional two. Word went out in August 1995 that Consol had won, apparently assuring the future of the Potomac mines through the end of the century and beyond...
...that was not the last word. Virginia Power had also offered Consol and Mettiki the option of devising any other kind of bid they wanted, and the Maryland mine came through with a 10-year bid that Consol couldn't match. With coal prices still on a downward trend that began 19 years ago, fuel contracts of that length are all but unprecedented. But Mettiki vice president for operations Tom Wynne insists there was nothing nefarious about this. "We invested every inch of our effort for two years into getting this contract," he says. "We did our homework...
...There has been plenty of evidence from past experience that the last thing the economy needs is an increase in energy costs," says William Karis, executive vice president of CONSOL, the second largest U.S. coal company. Concurs Thomas Kuhn, president of the Edison Electric Institute, which represents major power companies: "The best way to increase revenues is to encourage the expansion of business activity. Energy taxes do the opposite...