The Kaua'i Island Utility Cooperative, known as KIUC, proposes to buy the island's electric utility from Citizens Communications Co., of Stamford, Connecticut, for $215 million. Both the company and the co-op announced the sale late this morning.

The agreement still requires PUC approval, which the company said was expected within 12 months. The commission rejected the earlier plan in part because of price. The new, lower price will provide the company with a stronger financial footing, said KIUC chairman Gregg Gardiner.

Kaua'i County, which has also expressed interest in taking over the utility, last week released its appraisal of Kaua'i Electric, which arrived at a $190 million price. Mayor's administrative assistant Wallace Rezentes Sr. said he was not prepared to say the KIUC sales price was out of line.

"We really don't have a comment on their $215 price at this time,because sometimes the devil's in the details. We need to look at the whole package," he said.