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News Release
February 8, 2007
Lubbock Power & Light (LP&L)
2006
Rebate Offering Specifics
Lubbock, TX -
City of Lubbock, Texas Municipal Ordinance
2006-00135 defines how Lubbock Power and Light disburses any net revenues
after the fiscal year and the annual financial audit have been
completed. The ordinance defines the following required financial
obligations:
·
Meet bond reserve and fund
obligations
·
Maintain sufficient operating
cash to meet current accounts payable
·
Maintain a General Reserve for
operational purposes, rate stabilization and meeting future
development
·
Pay the City of Lubbock a franchise fee in lieu of taxes
Additionally, the ordinance gives Lubbock Power and Light's Board the discretion to issue a rebate to its electric customers after meeting the required financial
obligations. The Lubbock City Council, after
recommendation by the LP&L Board, authorized a refund
up to one million dollars to LP&L's electric customers on January 12, 2007
Rebate eligibility
requirements:
-
Customer's rebate amount is determined by
their electric usage.
-
Customer must have an
active electric service account.
-
Customer must have
electric
consumption (KWH) during time period of October 1, 2005 through Sept.
30, 2006.
-
Consumption for inactive
electric services will be included in the rebate amount on active
accounts as long as there is an active electric service.
-
Customers with past due
balances and bad debt will also receive the rebate.
**
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 |
