Anchorage Assembly approves sale of ML&P to Chugach Electric

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ANCHORAGE, Alaska (KTUU) — While many in Anchorage were still getting their feet under them after Friday's earthquake, the Anchorage Assembly voted unanimously Tuesday to to approve the sale of Municipal Light & Power to Chugach Electric.

The $1 billion acquisition was approved by Anchorage voters with the passage of Proposition 10 in the April municipal election.

The proposed merger has been under review by the Anchorage Assembly since 2017, when it passed a resolution calling for Municipal Light & Power and Chugach Electric Association to begin "substantive steps to explore merger opportunities."

Chugach Electric Association says a merger has been looked at several times over the past 30 years.

The process has not been without controversy, with the chair of the ML&P Commission resigning in January citing concerns over lack of transparency with the process.

In September, Anchorage Assembly members called the sale of ML&P to Chugach Electric "one of the biggest deals in city history."

This is a developing story.