EX-10.60.3



 Exhibit 10.60.3 

Letter of Agreement 
 By and between 
 Chugach Electric Association, Inc. (Chugach)

 and 
 International Brotherhood of Electrical Workers, Local 1547 (IBEW) 

Representing 

Generation Bargaining Unit 
 Re: Contract Extension 
 Recognizing the changes in the electrical industry and the necessity to
maintain Chugach’s financial health in light of the loss of wholesale revenues during the term of this Agreement; the parties mutually agree to the following extension of the current collective bargaining agreement set to expire on
June 30, 2013. 
 Incorporation by Reference: 
 Chugach and IBEW agree that the terms and conditions of the current Collective Bargaining Agreement (“CBA”) between the parties which is scheduled to expire on June 30, 2013 including all
Letters of Agreement, Letters of Understanding and/or Grievance Resolutions, including the 60/40 health insurance premium cost sharing and the 10 percent premium increase limitation in the January 20, 2010 Extension Agreement, shall continue in
full force and effect until June 30, 2017, except where modified, added to or deleted by this Contract Extension Agreement. 
 Article
11 GEN: Health and Welfare Cost Sharing shall continue to be modified by the following: 
 Effective each July 1, of this extension
agreement, any increase in the total health and welfare premium will be paid 60 percent by the Employer and paid 40 percent by the employee. Any increase in the total health and welfare premium will not exceed 10% of the total premium in effect on
June 30 of that contract year. 
 In the event that a total monthly premium increase exceeds the established cap of ten percent (10%), the
Union agrees to notify the Employer promptly. To prevent a gap in health and welfare coverage for its employees, the Employer agrees to pay the shortfall in the monthly premium for up to 60 days, if necessary. The Employer’s coverage of the
premium shortfall will facilitate the time required for implementation of cost containment measures decided by the bargaining unit (i.e., movement of monies, benefit plan selection modifications, etc.) If requested by the Union, the Employer agrees
to meet and confer over the time and administrative steps necessary to implement the cost containment measures needed by the Union to meet the premium shortfall. 







 Wages 
 Effective, July 1, 2013, the base wage rates for all classifications shall increase by three and three quarter’s percent (3.75%). 
 Effective, July 1, 2014, the base wage rates for all classifications shall increase by three and one quarter percent (3.25%). 
 Effective, July 1, 2015, the base wage rates for all classifications shall increase by two and one half percent (2.5%). 
 Effective, July 1, 2016, the base wage rates for all classifications shall increase by two and one half percent (2.5%). 
 No other terms of the current (expiration June 30, 2013) Collective Bargaining Agreements are modified by this Letter of Agreement. Upon ratification by the bargaining unit and approval of the
Chugach Board of Directors, this Extension Agreement will become effective July 1, 2013 through June 30, 2017. 
  

					
	 /s/ Mike Hodsdon
	 		 	 /s/ Bradley W. Evans

	For IBEW:	 		 	For Chugach:
	 Mike Hodsdon,
 Business
Manager
	 		 	 Bradley W. Evans,
 Chief
Executive Officer

			
	 February 22, 2013
	 		 	 February 22, 2013

	Date	 		 	Date