KODIAK (AP) -- Ownership of the Four Dam Pool hydroelectric projects passed from the state Friday into the hands of those who use their power.
''This is a proud moment for all the communities that purchase power from the Four Dam Pool,'' said Walter Sapp, chairman of Kodiak Electric Association.
The projects supply power to Kodiak, Valdez, Glennallen, Ketchikan, Petersburg and Wrangell.
''Owning and managing their own power generation has long been a goal of the Four Dam Pool communities and utilities,'' said Bob Poe, executive director of the Alaska Energy Authority.
A $77 million loan to finance the sale was approved by state and local entities as well as the plan to deposit proceeds into the Power Cost Equalization endowment fund.
The goal of the PCE program is to provide lower electricity costs in rural Alaska.
Peninsula Clarion ©2015. All Rights Reserved.