ANCHORAGE, Alaska (AP) – Anchorage and the Chugach Electric Association have worked out the terms for the $1 billion deal to buy the city-owned electric utility.

The Anchorage Daily News reports city attorney Rebecca Windt-Pearson says Anchorage and the association have been negotiating the nuances of the deal for Municipal Light and Power since voters authorized the sale in April.

Association CEO Lee Thibert says the deal has largely stayed the same to what was proposed to voters earlier this year.

According to the agreement, no utility employees will be laid off and the base electricity rates will not go up as a result of the transaction.

The deal will go before the Anchorage Assembly next for approval. It also requires the approval of the Regulatory Commission of Alaska.

Information from: Anchorage Daily News,

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