New Incentive a Win-Win for Economic Development
Thanks to the passage of Senate Bill 564 in the 2018 legislative session, an economic development incentive (EDI) is now part of Ameren Missouri’s Smart Energy Plan.
The EDI allows certain new and existing business customers an average 40 percent discount on base rates over five years to help them expand. The most common industries that will meet the eligibility requirements for the discount are expected to be manufacturing and data centers, large scale agricultural processing facilities and wholesale warehouse distribution centers.
The goal of the EDI is to add jobs and spur economic growth in local communities statewide.
“This incentive will attract new businesses and jobs to Missouri,” noted Matt Forck, assistant vice president, Community, Economic Development & Energy Solutions, Ameren Missouri. “It encourages businesses to expand and hire workers.”
Not only is the new incentive a value for businesses, Forck said, but it also benefits Ameren Missouri residential customers. The additional energy requirements from a qualifying business customer will ultimately help enhance system efficiencies and spread the fixed cost of generating and delivering electricity across a larger customer base. This will help to keep rates lower for all customers, attract new jobs and allow investments to multiply throughout the region due to increased spending in retail establishments, new housing projects and population growth.
To learn more about Ameren Missouri and its focus on expanding business in the state, call 1.800.981.9409 to speak with someone on the company’s economic development team.