The Public Works Commission approved a new contract with CP&L on Wednesday. PWC buys electricity for the city from CP&L. The new contract will save PWC about $160 million over 10 years.
Officials said the savings will help keep electricity bills reasonable and competitive in the long-term.
"This will have a huge impact in keeping rates stable for our customers. There won't be as many outside influences in making rates rise," PWC official Carolyn Justice-Hinson.
As part of the contract, CP&L will also give Fayetteville $5 million over the life of the contract. The money is earmarked for the city's economic development vision plan.
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