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• The BIG Move • LP&L Is Coming To You • LP&L Gives 5 Million Back To Customers • LP&L Saves $71,000 In One Year • How To Read Your Meters • Good News For Lubbock • Keeping Utility Costs Down • LP&L Wins • Lower Electric Rates • Dedicated Board Members •
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For Immediate Release
Contact:
Chris Sims
Phone: (806) 775‐2502
July 24, 2009
LP&L Gives $5,000,000 Back to Customers
(LUBBOCK)
– Thanks to falling fuel prices,
LP&L customers will receive a refund in their August statement.
LP&L Board Chairman W.R. Collier said LP&L is refunding
approximately $4 million to LP&L customers. An average residence using
1000 kWh can expect to see $23.60 deducted off their August bill.
In addition to the refund created by lower fuel costs,
the independent LP&L board has approved an additional $1,000,000 in
rebates to the home ‐owned
utility's customers. This is the third year that LP&L has rebated
$1,000,000 to their customers.
The Home Owned Advantage Rebate will be based on
customer usage of electricity from October 1, 2007 through September 30,
2008. The average homeowner using 1000 kWh of electricity can expect to
see $8.53 rebated off their September bill.
LP&L has also met their required reserves and in the
2008 ‐09
fiscal year will contribute approximately $5,000,000 annually to the
City of Lubbock in Franchise Fee Equivalent payments, $1,120,000 from
discounted electric rates, $4,000,000 in refunded fuel cost adjustments
and $1,000,000 in electric rebates for a total of $11,120,000 back into
the Lubbock economy. LP&L is doing all this while continuing their
policy of being the lowest priced electric provider in the city and
among the lowest in the state.
In November 2004, 83% of the voters approved a change
in the city charter 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 Lubbock 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. In just under 5 years,
the change has put LP&L back on sound financial footing including
rebuilding its reserves.
LP&L’s 200 employees work toward generating and distributing
electrical service for the citizens of Lubbock. LP&L has provided the
lowest electric rates and most reliable electricity in Lubbock for more
than 90 years. For more information, visit
www.lpandl.com.
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