ANCHORAGE (KTUU) - It's been one year since Anchorage voters approved a proposition to sell Municipal Light & Power to Chugach Electric Association with a vote of more than 65% approval.
The Regulatory Commission of Alaska must now review and approve of the billion-dollar transaction before it can be finalized.
On April 1, Chugach Electric filed an application to expand its service territory to include the area currently being served by ML&P.
The municipality's terms for selling to Chugach included guarantees that the move would not result in layoffs or an increase of base electric rate for customers of either company.
Based on the current value of the U.S. dollar, Chugach Electric's filing with the RCA estimates savings of over $200 million in benefits to member-consumers over the next 40 years.
The RCA process is expected to take six months. Pending approval, Chugach Electric would expect to close the deal within 120 days, estimating that the two utilities would become one around February 2020.