State lawmakers have agreed to continue the state's successful Power for Jobs program, which is credited with helping to create or retain some 300,000 jobs since the program was created with strong Business Council support in 1997.

The agreement will re-allocate 183 megawatts of power available under the program. It will also enable employers with Power for Jobs contracts due to expire to apply for new allocations of power under the program.

Power for Jobs provides reduced-rate power to employers that pledge to use it to create or retain jobs. Participating employers must pledge to meet job creation or retention goals, and must submit employment data annually to ensure that they are meeting those commitments.

Employers that have gotten reduced-rate power under the program have created or retained jobs at about 105 percent of total commitments, the Governor's release said.

Participating employers include major manufacturers, small businesses, hospitals, colleges, and cultural institutions. The program typically produces savings of 10 to 25 percent on electricity bills, the Governor's release said.