(KAIR)--Two electric companies, Leavenworth-Jefferson Electric and Kaw Valley Electric, have merged to form a new cooperative, and they’ve announced the new name and revealed  the new logo.

FreeState Electric Cooperative Inc, will become official January 1st, 2017 pending approval by the membership of both cooperatives, who vote on the proposed articles of consolidation and consolidation agreement during each cooperative’s annual meetings on April 19, according to a press release received by MSC News. 

Currently, the two are working under a cooperative alliance, and the press release says it’s already cutting costs, with estimates indicating the new cooperative will save $20 million over the next 10 years.

Assistant General Manager Chris Parr said members will not see rates decrease, but rates will remain stable as they will be able to delay rate increases for possibly the next three to five years.

FreeState Electric Cooperative will become the fourth largest rural electric cooperative membership in the state of Kansas with almost 15,000 members and is the largest electric cooperative in Eastern Kansas.