A compromise designed to preserve the Department of Water and Power's financial stability and build up a solar energy program has been reached between Mayor Antonio Villaraigosa and the City Council.

Details of the proposal will be announced at a Monday news conference, where the mayor will be joined by city officials. The proposal is presumed to have a lower rate increase for this year with plans to study future increases.

In a statement from the mayor, he said he will back the plan, which reduces the overall increase from .8 cents per kilowatt hour and places a portion of that money into a lock box to be used for future solar energy efforts. Residents have voiced outrage over the proposal raising rates initially by 6 percent in April and putting into effect other increases over the next year that would amount to 27 percent.

Read the full Los Angeles Daily News story.

For reprint and licensing requests for this article, CLICK HERE.