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Peabody Energy today announced that it has signed a letter of intent with an electricity generator for 16 years of coal supplies to fuel new generating units to be built in Arizona.

The agreement calls for Peabody to supply up to 89 million tons of coal through 2020 for new generating capacity to serve the growing energy needs of the Southwest. Through the new agreement, from 2005 through 2020 Peabody would supply the plant with up to 6 million tons of coal each year from its Lee Ranch and North Antelope/Rochelle mines in New Mexico and Wyoming.

Peabody Energy is the world's largest private-sector coal company, with 2001 sales of 194 million tons of coal and $2.7 billion in revenues. Its coal products fuel more than 9 percent of all U.S. electricity generation and more than 2 percent of worldwide electricity generation.

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SOURCE: Peabody Energy