News
8:38 am
Thu May 10, 2012

Governor Jack Markell Signs Deal to Cut Municipal Electric Rates

 

Nine Delaware cities will get a reduction in their electricity rates under an agreement signed by Governor Jack Markell and The Delaware Municipal Electric Corporation.

The Wilmington News Journal reports that the deal represents a treaty of sorts after three months of talks between the Governor and the consortium.

The agreement would cut the electrics by an average of 10 percent over the next three years beginning this year.  

In addition, the deal calls for discount rates to businesses that want to grow or relocate within municipal borders.

Meanwhile, each town agreed to cap the amount of revenue it transfers from its electric utility to its general fund budget over the next five years.