LUBBOCK, Texas — The Lubbock Power & Light (LP&L) Electric Utility Board (EUB) approved to lower delivery rates on customers by 2 percent.
The next step is for Lubbock City Council to review and give final approval of the new delivery rate for LP&L customers.
The rate reduction will be the first since the opening of the competitive market in Lubbock and is expected to be followed by additional rate decreases over the coming years.
Matt Rose with LP&L told everythinglubbock.com this small rate cut but is a first step in what LP&L has planned.
Rose said, “We did not envision that we would be able to begin the lowering of this rate really until we were about a year into this market. But here we are, about six months in. We’re going to see these types of rate decreases going forward as we go through the next two or three years.”
Rose said the final goal is, “lower that rate until we get to a point in time where the folks here in Lubbock, the power that they are choosing from their providers, is being delivered to their home at a rate that is equal to that best cost in state.”