GRU customers can expect about a ten percent savings on their electric bill starting next year.

GRU officials hit the market last week, seeking $416 million from investors to pay for the GREC Biomass Plant purchase. Within an hour, the bidding had reached $3 billion.

GRU chose a plan that would save the city $768 million, and pass on that savings to its customers.

Justin Loche, GRU's Chief Financial Officer, said, "when you leave $770 million in the hands of the people of this city, it can only help spur economic development and change the face of Gainesville for the future."

GRU officials expect to close the purchase of the biomass plant next week.