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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)
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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 |
