Negotiators with Alaska’s House and Senate have agreed on the use of excess earnings from the Power Cost Equalization endowment fund, which aims to help rural residents who face high electric costs.
Legislation that would allow for 70 percent of excess earnings from the endowment fund would be put to other uses was agreed to during a conference committee Thursday morning.
Of that 70 percent earnings, up to $30 million would go toward a community assistance program where the funds would be key to the program.
Up to $25 million beyond that would be used for renewable energy and bulk fuel programs, along with rural power system upgrades.
Senator Lyman Hoffman says the remaining 30 percent of the excess earnings would be put back into the endowment fund.
Now that legislation that negotiators reached an agreement on is subject to approval by House and Senate members.
