The city of Newark has been able to lock in long-term electric rates for its largest long term consumer of electricity.
The town council has approved a 15-year contract with the University of Delaware.
WDEL reports that the city expects to get at least $300-thousand a year in sub-inventory funding from the school which will go into the town’s general fund.
That money will be credited to UD’s delivery charges which are expected to be a minimum of $2.6 million a year under the agreement.
WDEL reports that the city is also allowed to raise rates every five years, if needed, as part of the agreement that goes into effect on February 1st.
