has happened there. I think the administrative approach that we've chosen makes it much easier for us to change or react to market conditions," said Flanagan.
One difference is that New York is less dependent on out-of-state sources of electricity then is California. Only 10 percent of the electricity consumed in New York comes from other states
New York also allowed utilities to enter into long-term contracts with power generation companies, so they were not forced to pay steep prices on the wholesale or spot markets.
Some utilities signed contracts to lock in prices with the companies that bought their power plants, and in exchange received less than market value in the sale of their plants.
The Consolidated Edison Company of New York Inc. (Con Ed), which serves New York City and Westchester County, has until 2002 to sell all of its power plants.
So far, the company has shied away from signing long-term contracts with the new owners of its plants because, unlike deregulation in California, Co
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