ANCHORAGE (KTUU)- A billion dollar deal was discussed at the Anchorage Assembly meeting, to sell Municipal Light & Power to Chugach Electric.
Chugach CEO, Lee Thibert said the deal would guarantee three things: rates would not go up, employees would be protected and the municipality has the necessary revenue for the community.
Some residents spoke out against the alignment at the Assembly Meeting.
Hedi Tomerson, from Anchorage warned the assembly to be careful.
"A billion dollar deal involving the transfer of significant assets and real estate from municipal ownership and operation to private ownership will have tremendous economic effects on the citizens of Anchorage for many years to come," Tomerson said.
Thibert said, the deal would be a small savings up front but, grows over time.
"Under this deal, it will save ratepayers hundreds of millions of dollars over a very long period of time and it's a small saving up from but it grows over time," Thibert said.
Bill Popp, President & CEO of the Anchorage Economic Development Corporation spoke for the sale.
"Our discovery at the end of the day is a city of our size in the United States with three utilities servicing its electrical needs is unheard of," Popp said.
The ordinance will be on the April 3rd municipal ballot for the voters to decide.