Electric utilities have motivation to play pivotal role in Kentucky economic development
When it comes to attracting companies to the Bluegrass State, near the top of the list of benefits economic development officials point to is Kentucky’s relatively low cost for reliable power.
According to the state Cabinet for Economic Development, last year Kentucky offered the lowest electricity cost of any state east of the Mississippi River and the fourth-lowest overall in the nation – 8.13 cents per kilowatt hour on average across industrial, commercial and residential sectors.
But that’s only part of the role electric and gas utilities play in attracting business to the commonwealth. Many are also directly recruiting companies and offering their own local incentives, backstopping public economic development efforts or even directly funding activities by underwriting key trade show visits.