ST. LOUIS (AP) – A new economic development incentive that has been presented to the Missouri Public Service Commission would cut the electric bills of many large power users.

The St. Louis Post-Dispatch reports that the proposed incentive pairs electric bill cuts with state and local tax credits for new and expanding companies in Ameren Missouri’s territory. The proposal from groups representing Missouri consumers and industrial interests was submitted during Ameren Missouri’s general rate case.

It would remove the utility’s discretion to agree to certain electric rate reductions with large customers under its existing economic development authority. Instead, it would set a formula to determine whether large industrial customers are eligible for lower electric rates.

An Ameren industrial customer could save as much as one year’s worth of electric bills over five years.