Lubbock Power and Light (LP&L) sent out a release stating they will be lowering the power cost recovery factor (PCRF), the amount LP&L spends to buy or produce power, section of electric rates during the summer. Because this is the sixth decrease of rates within 36 months, customers will receive a substantial amount of savings throughout the summer, where electricity use is highest.
The rate reduction will become effective for all customers on June 1 and will be in place through September 30, 2020, according to the release. The reduction will not only help reduce costs during the high-use months, but also will be useful for those who are using more electricity while at home and facing the financial effects of COVID-19.
“LP&L is committed to providing our customers with safe, affordable and reliable power,” David McCalla, director of electricity utilities, said, according to the release. “We’re thankful we are in a position to pass on savings to our customers when they need it most.”
According to the release, the rate changes are as follows:
Winter 2019-20 to Summer 2020 Change: Rate 1 is -18.1 percent and customers will save $44.16 per 1,000-kilowatt hour. Rate 3 is -19.8 percent and customers will save $48.52 per 1,000-kilowatt hour.
Summer 2019 to Summer 2020 Change: Rate 1 is -11.0 percent and customers will save $24.64 per 1,000-kilowatt hour. Rate 3 is -12.0 percent and customers will save $26.74 per 1,000-kilowatt hour.