LOUISVILLE, Ky. — Louisville Gas and Electric Company and Kentucky Utilities Company are hoping to get "two for the price of one" with a new program that would help the environment and increase economic development in Kentucky by utilizing land that would have otherwise been deemed undesirable.

In a filing today with the Kentucky Public Service Commission, the two utilities asked the commission to approve a "Brownfield Rider" which would provide a lower electric rate to new industries locating to an area that needs environmental improvements, but already has electric infrastructure.

"The Brownfield concept is becoming increasingly popular because it offers economic development incentives for new business and ensures that land with environmental issues is cleaned up and developed," said Victor Staffieri, Chairman, CEO and President, E.ON U.S. "We hope that a break on electric rates may just tip the scales for an industrial customer considering relocation to Kentucky."

The proposal, designed for companies using at least 500 kilowatts monthly, would cut the electricity demand charge (the charge associated with the amount of electricity a business requires) in half the first year. The demand charge would be reduced 40 percent in the second year and continue on a 10 percent sliding scale for 60 months. At that time, the normal rate would take affect. Relocating businesses would receive substantial electric cost savings as encouragement to come to Kentucky, but would incur the cost of environmental remediation.

The site must have been unoccupied for two years and must be a designated Brownfield site by the State of Kentucky.

E.ON U.S., headquartered in Louisville, Ky., is a subsidiary of E.ON A.G., the world's largest investor-owned energy services provider. E.ON U.S. is a diversified energy services company that owns and operates Louisville Gas and Electric Company, a regulated utility that serves 324,000 natural gas and 398,000 electric customers in Louisville and 16 surrounding counties, and Kentucky Utilities Company, a regulated electric utility in Lexington, Ky., that serves 531,000 customers in 77 Kentucky counties and five counties in Virginia.