Leaders at Lubbock Power & Light say they have come up with a plan to prevent big spikes in their customers' bills.
The Electric Utility Board approved a rate stabilizer that, if approved by the city council, would change how you pay for power.
"Now you're going to know, and it's going to be very clear to you exactly what your rate is going to be and what you can expect," said spokesperson Matt Rose.
The blue line in the attached graph represents a typical billing year for LP&L. The green line represents a stabilized rate where customers would pay a fixed rate in the summer and a different fixed rate during the rest of the year.
"That's the number one thing that they have asked of us after the summer that we had just gone through, is to set a rate that they can set their checkbook by," said Rose.
They are able to do this by a cash reserve fund of $3.5 million. Rose says when the rates are typically lower in the winter months the reserve fund will build. And when the rates usually go up during the summertime, money from that fund will be pulled to keep the rate stable.
"We heard everyone loud and clear this summer and we won't be in the situation this next summer like we were this past summer," he said.
LP&L will give their quarterly update to city council at Thursday's meeting. The council is set to vote on this new plan in two weeks.
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