PUEBLO, Colo. (AP) — Xcel Energy and a Pueblo steel fabricator have reached a long-term electricity contract that guarantees the steelmaker price certainty for the next 22 years.

The Pueblo Chieftain reports Xcel Energy and EVRAZ Pueblo announced Thursday that agreement also clears the path for a potential major upgrade and expansion of the 1,000-worker mill. The power contract requires EVRAZ to make key investments by 2024.

According to public documents released recently by Xcel and state economic development officials, EVRAZ was hoping to get low electricity prices before committing to unspecified upgrade and expansion projects of about $500 million.

The companies' agreement is awaiting review by the state Public Utilities Commission.

EVRAZ Pueblo is Xcel's largest customer in the state.

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Information from: The Pueblo Chieftain, http://www.chieftain.com