- Associated Press - Wednesday, May 4, 2016

JUNEAU, Alaska (AP) - The Alaska Legislature has passed a bill that would divvy up any excess earnings from a fund set up to help rural areas faced with high electricity costs.

The legislation would allow for 70 percent of excess earnings from the Power Cost Equalization endowment fund to be put to other uses. Of that percentage, any amount up to $30 million would go toward a community assistance program, money that could be critical to that program. Up to $25 million beyond that would go for renewable energy and bulk fuel programs and rural power system upgrades.

The remaining 30 percent of any excess earnings is expected to revert to the endowment.

The House passed the bill last week and the Senate passed it Wednesday. It next goes to Gov. Bill Walker.

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