In this study, participants read stories describing emotional episodes with either a positive or negative valence (Experiment 1). Following each story, participants were exposed to short sentences referring to the protagonist, and the event-related potential (ERP) for each sentence's last word was recorded. Some sentences described the protagonist's emotion, either consistent or inconsistent with the story; others were neutral; and others involved a semantically anomalous word. Inconsistent emotions were found to elicit larger N100/P200 and N400 than consistent emotions. However, when participants were exposed to the same critical sentences in a control experiment (Experiment 2) in which the stories had been removed, emotional consistency effects disappeared in all ERP components, demonstrating that these effects were discourse-level phenomena. By contrast, the ordinary N400 effect for locally anomalous words in the sentence was obtained both with and without story context. In conclusion, reading stories describing events with emotional significance determines strong and very early anticipations of an emotional word.