PSEG Wrests $4B Long Island Contract From National Grid

Law360, New York (June 27, 2012, 6:46 PM EDT) -- Public Service Electric and Gas Co. got approval Wednesday to begin servicing a $3.9 billion contract to manage Long Island's electrical grid, taking the 10-year deal away from competitor National Grid PLC after New York officials pushed for a competitive bid process.

State Comptroller Thomas P. DiNapoli put his stamp of approval on the contract between PSEG Long Island LLC, a unit of the New Jersey-based electrical services giant, and the Long Island Power Authority, the island's nonprofit utility.

A third bidder, Consolidated Edison Co. of...
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