Electric Utility Board voting on rate stabilization plan - KCBD NewsChannel 11 Lubbock

Electric Utility Board voting on rate stabilization plan

LUBBOCK, TX (KCBD) -

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.  

Copyright 2013 KCBD. All rights reserved.

  • Local News on KCBD.comNewsMore>>

  • Next Minneapolis police chief tasked with changing culture

    Next Minneapolis police chief tasked with changing culture

    Saturday, July 22 2017 1:49 AM EDT2017-07-22 05:49:17 GMT
    Saturday, July 22 2017 9:00 PM EDT2017-07-23 01:00:51 GMT

    Minneapolis police chief says she wants to let 'fresh set of leadership eyes' be in charge of department, resigns amid criticism over shooting of Australian woman who had called 911.

    Minneapolis police chief says she wants to let 'fresh set of leadership eyes' be in charge of department, resigns amid criticism over shooting of Australian woman who had called 911.

  • Trump's new message man deletes inconvenient tweets

    Trump's new message man deletes inconvenient tweets

    Saturday, July 22 2017 4:20 PM EDT2017-07-22 20:20:31 GMT
    Saturday, July 22 2017 8:52 PM EDT2017-07-23 00:52:25 GMT

    One of Anthony Scaramucci's first acts after accepting President Donald Trump's offer to be the new White House communications director was to apologize to Trump.

    One of Anthony Scaramucci's first acts after accepting President Donald Trump's offer to be the new White House communications director was to apologize to Trump.

  • Trump: USS Ford is '100,000-ton message to the world'

    Trump: USS Ford is '100,000-ton message to the world'

    Saturday, July 22 2017 3:30 AM EDT2017-07-22 07:30:57 GMT
    Saturday, July 22 2017 8:52 PM EDT2017-07-23 00:52:10 GMT

    President Donald Trump will help commission the USS Gerald R. Ford, a $12.9 billion warship.

    President Donald Trump will help commission the USS Gerald R. Ford, a $12.9 billion warship.

Powered by Frankly