Consolidated Edison Inc. (ED:US)'s unionized workers ratified a four-year contract that was approved by negotiators in June to avert a strike at the utility that provides electricity to New York City.
The contract, covering 8,600 members of Local 1-2 of the Utility Workers Union of America, provides a wage increase totaling almost 14 percent wage over four years, the union said in an e-mailed statement. The contract was approved on a vote of 2,882 to 2,326 in balloting yesterday, the union said.
The contract agreement, reached by negotiators on June 27 hours after a midnight strike deadline, was the third negotiated by the union in the New York area in the past six months.
The union on May 21 reached an agreement with Houston-based Reliant Energy Inc. for workers at three New York City power plants less than 24 hours after it authorized a strike.
The union also reached an agreement with New Orleans-based Entergy Corp. (ETR:US) on March 5, hours after a midnight contract deadline for workers at the Indian Point nuclear power plant in Buchanan, about 40 miles north of New York City.
Shares of Consolidated Edison rose 57 cents, or 1.4 percent, to $41.62 in New York Stock Exchange composite trading.
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