Boating Industry Intelligence You Can Profit From
MADISON — Mercury Marine is the first Alliant Energy customer to seek a reduction in electric rates under a pilot program to retain distressed industrial firms in the state, according to a report in the Fond du Lac Reporter.
The paper reports that Mercury asked Alliant last year for rates that would generate $4.8 million in savings during the next five years, as the boat engine maker was lining up at least $122.7 million in tax incentives from local, county and state governments, plus wage concessions from employees.
Mercury acknowledged the anticipated cost savings and incentives allowed it to close its Stillwater, Okla., facility and move most of those operations to Fond du Lac by the end this year.
In applying for the Economic Development Rate Rider through Alliant, Mercury President Mark Schwabero, in a signed affidavit, stated that “but for” Alliant’s economic development rates on its own or in combination with other economic and job creation incentives, the company would reduce electrical consumption, shut facilities or leave the state.
Click here to read the complete report: Mercury asks for electric rate cut
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