The Daily Star, Oneonta, NY - otsego county news, delaware county news, oneonta news, oneonta sports

Local News

October 13, 2012

Electric cooperative gets $5M in funds

The Delaware County Electric Cooperative received $5 million in low-cost financing as part of loan guarantees announced by the U.S Department of Agriculture on Thursday, according to a media release. The money will be used to modernize and improve the efficiency of rural electric generation and transmission systems.

The Rural Utility Service, a part of the USDA, provides this low-cost funding, Delaware County Electric Cooperative Chief Executive Officer and General Manager Mark Schneider said, adding that this type of financing is a normal part of the business and an important part of what keeps rates competitive.

The financing will be used over four to five years to build and improve 53 miles of distribution lines and two substations and make other improvements. It includes $50,660 to improve the efficiency of distribution system through a smart grid project, he said.

1
Text Only
Local News

Additional Content
Join the Debate
Helium
Additional Resources
CNHI News Service
Poll

Is Israel justified to conduct its military campaign against the Hamas in Gaza?

Yes
No
Undecided/no opinion
     View Results