EAST LANSING, Michigan — Two utilities have reached a tentative agreement to split profits from the sale of electricity to a new $730 million nuclear science facility at Michigan State University.
The Lansing State Journal reports (http://on.lsj.com/1gwZO7X ) that under a 20-year agreement Jackson-based CMS Energy Corp.'s Consumers Energy unit will construct a new substation and provide all electricity to the Facility for Rare Isotope Beams.
Lansing's Board of Water & Light plans to allow Consumers to collect a 10 annual administrative fee, making the split effectively 55 to 45 percent in Consumers' favor.
Revenue estimates haven't been released. The deal needs approval of BWL commissioners and the Michigan Public Service Commission.
FRIB (EF'-rib) construction began last year and officials say it's nine weeks ahead of schedule. It's expected to open between 2020 and 2022.
Information from: Lansing State Journal, http://www.lansingstatejournal.com