For Immediate Release

Contact: Chris Sims   Phone: 806-775-2502

April 8, 2009

 Lubbock Power & Light Receives a Bond Ratings Upgrade

(Lubbock, TX) – Lubbock Power & Light (LP&L) received a rating upgrade today from Standard & Poor's Ratings Services, a leading global rating agency.  Standard & Poor's Ratings Services raised its underlying rating (SPUR) on Lubbock, Texas', doing business as Lubbock Power & Light (LP&L), electric system revenue bonds two notches to 'A-' from 'BBB' based on the system's sustained trend of improved financial performance due to a combination of a reduced operating profile risk and an increased market share in its competitive service area.

LP&L is a municipally-owned entity of the City of Lubbock that is separately governed by an electric utility board.  The stable outlook reflects Standard & Poor's expectation that the system's reduced operational risk, including the use of a fuel-cost-adjustor mechanism, will allow the system to maintain its improved financial profile while assuming the full resumption of transfer payments to the general government and periodic additional debt to fund part of the system's capital expenditures.  Standard & Poor's bond rating applies exclusively to LP&L and no other city entity.

LP&L has approximately 230 employees working towards providing business office functions in addition to 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.