Four months after Anchorage voters overwhelmingly approved the sale of ML&P to Chugach, officials from Chugach and the Municipality of Anchorage (MOA) are meeting weekly to finalize a sales agreement. Chugach is conducting its due diligence as part of the process of arriving at a final sales figure, and there is a great deal of information to gather from the MOA. The process is taking longer than Chugach initially expected, as there are many pieces to the acquisition. The ballot language approved by voters requires final Assembly approval by December 31, 2018, but both parties are aiming to have a final deal well before that.
In June, the Chugach Electric Board of Directors passed a resolution saying they will undertake a process to approve the Asset Purchase Agreement on or by October 24. Chugach is also attending monthly meetings of the Assembly’s Enterprise and Utility Oversight Committee keeping Assembly members updated. We are all working to get it done in late summer/early fall so there is plenty of time for thoughtful review and discussion by our board, the Assembly, and the public.
Meanwhile, as talks with the MOA continue, there is a lot of work being done inside Chugach to prepare for the acquisition of ML&P. An Integration Management Office has been set up to identify and manage the savings from the acquisition as well as how the two utilities will integrate and function as one organization. The goal is to have a transparent, seamless process with no disruption to member services. For more information go to www.poweranchorage.com