EverythingLubbock.com
by: Georgina Johnston
Posted:
LUBBOCK, Texas — Xcel Energy filed a proposed rate hike with the City of Lubbock, which was rejected by the City Council on Tuesday. The application was to increase its base revenues by $148.5 million or 20.6%.
While the revenues would increase more than 20%, the base rate would increase by 13.9%.
Public records said Xcel’s rate increase is based off a “test year” from October 2021 through September 2022. The rate increase has a low impact on Lubbock residents since SPS has two customers within the city.
Based on current rates, energy rates would increase for affected customers by about $12.07 per month. If approved, it will take about a year for these changes to process, so residents won’t see an increase immediately.
Xcel said, “We also recognize financial challenges customers may be facing at this time, and our proposal includes new energy assistance programs to help those most in need.”
Since the city rejected the increase, the next stop would be the Public Utility Commission which can overrule the city.