Should the City Council Raise LP&L’s Electric Rates? [POLL]
One of the latest debates at City Hall is about electric rates and the possibility that they may go up. Here is part of a story from KFYO’s Cole Shooter:
District 4 Councilman Paul R. Beane said “We’ve talked about maybe $13 million in profit, and $1.9 million in profit for one month, and I submit to you that I’ve heard from a number of people in District 4, and a number of people who live outside of District 4, and their reserves are down to zero.”
“I’m not interested in voting for a rate hike now, or in January,” Beane continued.
Other council persons, including District 2 Councilman Floyd Price, District 5 Councilwoman Karen Gibson, and Mayor Tom Martin voiced that they were against the rate increase, but the Council voted to wait until the Electric Utility Board has time to consider Klein’s resolution.
Those in favor of raising the rates claim that Lubbock will need the extra money in the future and that if it wasn’t for an extremely hot summer, LP&L would not be doing as good financially as it is now.
What do you think? Should electric rates be raised?