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The deal still requires ratification from the union, with a vote expected to take place within the next few weeks.
The union has voted to authorize a strike if necessary, but negotiations have continued since an initial deadline passed Jan. 17.
Utility Workers Union of America Local 1-2 members are seeking a new collective bargaining agreement through 2022, which would run one year past when Indian Point is scheduled to close.
UWUA Local 1-2 represents more than 400 workers at Indian Point. The union is negotiating for a new deal before its current one expires Jan. 17.