A five billion dollar proposal to sell the Central Louisiana Electric Cooperative to a foreign investment group has been denied by the Louisiana Public Service Commission. By a vote of 3 to 2 the request was denied.

Many of those that opposed the sale felt that it would not be in the best interest of CLECO customers. One of those who  voice his opinion and voted 'NO' on the proposal was PSC commissioner Foster Campbell. Mr. Campbell spoke to the Louisiana Radio Network about why he felt the deal was not a good one.

I’m not about to take a private company and let a private company have a public monopoly.

Commissioner Campbell suggested that the state needed better and stronger regulations on monopolies. In his opinion this proposal would have weakened the state's position in regulating the company.

CLECO serves some 286-thousand customers across Louisiana. Commissioner Campbell suggested that if the proposal passed that these customers would have less of a say so in how their power was managed and delivered.

It just wasn’t a good deal, so that’s why it got voted down. I’m glad I voted no. It was the wrong thing to do.

A spokesperson for CLECO, Jennifer Cahill, told the media that the company was disappointed in the PSC ruling. She added that the company felt the sale would actually be a benefit to the customers the utility serves.

We believe it fails to acknowledge the level of protection this transaction offers this company and its stakeholders.

Cahill said that CLECO is going to review its options in light of the PSC decision.

More From 97.3 The Dawg