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Lansing — Gov. Rick Snyder says a new agreement between two companies will reduce electricity rates for residents and businesses in the Upper Peninsula.

Wisconsin Energy Corporation and Cliffs Natural Resources reached the deal Wednesday in an effort to find a solution to the region’s energy challenges. Snyder says the agreement will end system support resource payments for Upper Peninsula residents as of Feb. 1.

High electricity price increases were initially imposed by the Midcontinent Independent System Operator to support operations at the Presque Isle Power Plant in Marquette.

The governor says the Midcontinent Independent System Operator worked quickly to process the rate reduction. He also credits the Michigan Public Service Commission and the Attorney General’s office with fighting the charges at the state and federal level.

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