BATON ROUGE, LA (KSLA) –The Public Service Commission announced Wednesday that customers of the Valley Electric Membership Corporation will see their rates drop about 20 percent in October.
The announcement comes as a result of the commission approving Valley's purchase by Southwestern Electric Power Company.
The PSC voted unanimously Wednesday to approve the $90-million purchase.
"This agreement means lower rates and better service for Valley members, job security for Valley employees and their families, and a larger territory for SWEPCO," said Foster Campbell, a Democrat from Bossier City.
"With the completion of the purchase by SWEPCO, Valley customers will see their rates drop to the level of SWEPCO rates - a decrease of roughly 20 percent."
In addition, Campbell said, Valley's 100-plus employees will become SWEPCO employees with better pay and benefits, and SWEPCO will immediately begin upgrading Valley's facilities to deliver safer and more reliable service.