Puget Sound Energy sells system for $103M (Seattle)
In a move that sets residents up for public power, Jefferson County’s Public Utility District agreed to pay $103 million to acquire the countywide electrical system from Puget Sound Energy.
The two parties signed a non-binding letter of intent Monday to make the purchase of the system, which covers 18,000 customers in Jefferson County. County voters authorized the purchase more than a year ago.
The negotiations leading to the deal were made possible by November 2008 countywide vote in favor of Proposition 1, which authorized the PUD to start an electric utility.
The Puget Sound Business Journal has the joint announcement.
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