Dive Summary:

• The Orlando Utilities Commission (OUC) voted unanimously to allow its chief executive officer to enter into an agreement that would allow the city of Vero Beach to leave its current wholesale power contracts.
• To complete the arrangement, Vero Beach will have to pay the OUC $54 million; the OUC would also receive the city’s natural gas contract valued between $5 million and $10 million.
• The Vero Beach City Council is scheduled to vote Oct. 16 on the termination and settlement agreement with Orlando-based utility Florida Power & Light Co.

From the article:

The Orlando Utilities Commission (OUC) Tuesday authorized its chief executive officer to enter into an agreement that would allow Vero Beach to get out of its current wholesale power contracts by paying the utilities commission $54 million.

The utilities commission also would receive the city's natural gas contract valued at between $5 million and $10 million. ...