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News Release

February 8, 2007

Lubbock Power & Light (LP&L) Board of Directors Announces Customer Rebates
Lubbock, TX -

LUBBOCK, Texas – The LP&L Board of Directors announced Thursday afternoon that the home-owned electric utility is in the process of returning $1 million to LP&L customers. W.R. Collier, chairman of the LP&L board, made the announcement saying, “We’ve had a good year and we think it’s a good thing to do for our customers. It’s good to be able to do this while also giving our customers the lowest rates in town and one of the lowest rates in Texas”.

The rebates will be based on customer usage and will be credited to statements that will be going out to residential customers starting this week with the larger usage customers receiving checks.

“While most individual residential rebates will be less than $15, larger customers will get much larger checks depending upon their usage,” Gary Zheng, CEO/President of LP&L, said.

“The entire city will feel an impact as the multiplier effect of the money flowing back into the city’s economy reaches out to local business,” Collier added.  In just two years, the change has put LP&L back on sound financial footing including rebuilding its cash to $43 million which will have a positive effect on the City’s bond rating.  

In November 2004, voters approved a change in the City Charter by 83% to establish a separate Council-appointed Board to oversee LP&L. Under the new structure, the LP&L Board was given complete authority to manage the operations of the utility. The City Council retained the authority to approve electric rates, approve the LP&L budget, and exercise the powers of eminent domain for the utility and issue bonds and other debt secured by tax revenues or utility revenues or assets.

 (Originally released by Andrea Wilson, The Price Group 2/8/2007)

***

Lubbock Power & Light, a municipally owned entity of the City of Lubbock is separately governed by an Electric Utility Board appointed by the Lubbock City Council. LP&L has approximately two hundred employees working toward generating and distributing electrical service for the citizens of Lubbock, Texas. LP&L distributes over 95,000 monthly utility statements for electric, water, sewer, solid waste and storm water services. LP&L has provided the lowest cost and most reliable electricity in Lubbock for more than 90 years

Media: Chris Sims (806) 775-2502

 

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