Municipality and Chugach Electric agree on sale of ML&P

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The Municipality of Anchorage and Chugach Electric have agreed on the sale of Municipal Light & Power. The agreement includes a $10 million reduction in the purchase price, making it just under $1 billion.

Other terms of the agreement include depositing $36 million in a new restricted rate reduction account, to protect original ML&P customers from rate increases.

It also includes a $15 million donation by the municipality for a treatment center. Within five years after closing, the municipality must use that money for the Alaska Center for Treatment, a planned substance use disorder center will offer a combination of outpatient, inpatient treatment options, transitional housing and crisis stabilization. 

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