Lubbock Power and Light is Giving Back to Customers One Last Time
Residents all over Lubbock are getting ready to pick their new electric providers later this year but LP&L might have one last gift for their customers before bowing out. LP&L had their monthly board meeting for the month of April in which they voted unanimously to decrease their rates and lowered the power cost recovery factor (PCRF). PCRF is the amount that of whole sale power that electric companies pay for that electricity and to generate the power for it's customers.
This new lowered rate will be implemented just in time for the summer for all residential users starting in May 2023. The reason that LP&L was able to vote on lowering the PCRF was due to being able to negotiate lower wholesale power cost and low natural gas prices. The Director of Electric Utilities at LP&L, Joel Ivy, released a statement after the unanimous vote to customers saying:
We’re thankful we are in a position to pass on savings to our customers when they need it most...LP&L is committed to providing our customers with safe, affordable and reliable power in our last summer as a power provider
These new lowered summer rates were decreased by 18.7% compared to the previous year rates which had been frozen at their base rate since 2017. Those new rates are set to officially go in to effect starting on May 1 and will continue on through September 30, 2023. For those that are still needing more information about picking an electric provider they can head on over to LP&L's website for more details on the upcoming competition.