Future LP&L customer rebates jeopardized by street light plan - KCBD NewsChannel 11 Lubbock

7/20/10

Future LP&L customer rebates jeopardized by street light plan

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By James Clark | email

LUBBOCK, TX (KCBD) – A plan for Lubbock Power and Light to fund street lights could mean smaller rebates or no rebates at all for LP&L customers. After our story Monday night on KCBD NewsChannel 11 at 10 that street light costs will be debated behind closed doors, sources close to the situation provided us additional information.

According to one source, "If those expenses had been in LP&L's budget last year, the $2.3 million dollar rebate to our customers in 2010 might not have happened."

But supporters would say that Lubbock Power and Light has more than $90 million in reserves and it could easily fund street lights, which would free up the money for a city employee pay raise.

Opponents say that number is misleading; only $24 million of that money is unrestricted.  KCBD NewsChannel 11 has acquired, and is analyzing, financial data for LP&L in the years leading up to a financial crisis in 2003, which led to layoffs, and a near bankruptcy situation for the city-owned utility.  Look for a follow up Wednesday on KCBD.com

Also look for updates after the closed door debate on Thursday.

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