LUBBOCK, TX (KCBD) - Lubbock Power & Light announced Wednesday the company reached its goal of $50 million in reserve funds. Now, they will pay a franchise fee of about $5 million to the City of Lubbock this year, and a little more than $6 million a year after that to add to the city's budget.
The company says its customers will benefit from this achievement too. "For the third year in a row now LP&L is rebating $1 million to our electric customers. If you're an electric customer, your bill will be less when the rebate is applied in the coming months," said board member W. R. Collier.
This announcement comes after LP&L was $17 million in debt in just six years ago.
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