There's a proposal before the Lubbock City Council to raise electric rates for Lubbock Power & Light. LP&L has been losing money for several months because wholesale power prices went up while LP&L rates stayed the same.
Typically the summer months are the most profitable for LP&L, so there are two ideas on the table. The first is to raise rates as of July 1, when Xcel Energy will again raise wholesale power prices. The other idea is to wait until October 1 to raise rates.
If approved, the summer residential rate would go from $0.053550 per kilowatt hour to $0.064382 per kWh. And the monthly service charge would go up from $5.60 to $6.00 per month. The winter charge would go from $0.043930 per kwh to $0.055118.
The LP&L board has recommended raising rates but City Council has the final say. The issue comes up on Wednesday morning's City Council meeting.
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