By James Clark - email
LUBBOCK, TX (KCBD) – If the Lubbock Power & Light Board has any say in the matter there will not be a rate hike next month. The board voted in favor of delaying a rate hike to cover the rising cost of wholesale electricity from Xcel energy.
Board member Gail Kring is also the President of Pyco Industries, the second largest user of electricity in town behind Texas Tech. Kring says a rate hike would hurt his business and others in town.
"It's going to cost us between $200,000 and $250,000 a year to our bottom line," Kring said during the meeting. "If we have to pay it later, that's fine. We'll do it. But that's quite a blow to a bottom line to any company.
The board controls certain aspects of LP&L's operations but not the budget and not rates. That power is left to the city council, which might accept or reject the board's recommendation to delay a rate hike until later this year or next year.
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