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Contracts Keyed to Fuller
Norcon Power Partners, L.P. v. Niagara Mohawk Power Corp.
Citation:
92 N.Y.2d 458, 705 N.E.2d 656, 682 N.Y.S.2d 664 (1998)Facts
In 1989, Norcon Power Partners and Niagara Mohawk entered into a 25-year contract for the purchase of electricity generated at Norcon’s Pennsylvania facility. The contract had three pricing periods with different payment structures. In the first period, Niagara Mohawk paid a fixed rate. In the second period, payments were based on Niagara Mohawk’s “avoided cost” with floor and ceiling prices, with differences tracked in an adjustment account. In the third period, pricing would be based solely on avoided cost, but adjusted to account for any balance in the adjustment account from the second period. In 1994, Niagara Mohawk projected that the adjustment account would reach over $610 million in its favor by the end of the second period and demanded adequate assurance that Norcon would fulfill its future repayment obligations. Norcon sued, seeking a declaration that Niagara Mohawk had no right to demand such assurance.
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