Petersburg Pilot -

Editorial: Power & Light shouldn't be the rich uncle

 

February 2, 2017

The Borough Power and Light Dept. has a fund balance of $7.5 million dollars. That's a lot of money by any standard, but remember, $3 million of that is required to remain in reserve, as mandated by the Borough's fiscal policy. It equals 6-month's operating cost for the utility.

In 1985 when Petersburg and Wrangell went onto hydropower supplied by the Tyee Lake facility, rates were lowered, but set high enough to enable the utility to build reserves to move their downtown plant out the road.

Reserves did grow and eventually land adjacent to the Reid Brothers shop was purchased by the utili...



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