Consider This... LP&L Buyout Should Benefit Its Owners
LUBBOCK, TX (KCBD) - Officials say LP&L’s purchase of Xcel Energy is a great thing for Lubbock. The citizens, however, are overwhelmingly against it.
Here’s why. LP&L, now run by a private board, has bounced back from bankruptcy, has $50 million in the bank, and is handing out million dollar rebates. Meanwhile the city’s other utility, water, run by city hall, has increased rates 46% this year. So it’s no surprise citizens don’t trust politicians when they say “rates won’t go up.”
Consider this; city council should immediately do two things to get citizens behind the deal. First, they should cap LP&L’s annual contribution to the city at 5%. That’s the industry standard. And that 5% should go directly towards lowering taxes. Second, any surplus after that should be reimbursed to customers.
We’ve seen it before - there is too much money at stake and too many pet projects. Laws should be passed now to keep future politicians from squandering our profits. And if owning a “monopoly” means lower taxes and lower electric bills, citizens will be all for it.
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