For more details read "ELECTRIC RATE TARIFFS, VOLUME 1, LAKELAND ELECTRIC A DEPARTMENT OF THE CITY OF LAKELAND, FLORIDA, Rate Tariffs As Filed With The Florida Public Service Commission"
LAKELAND, FL (JUNE 6, 2016) —
The Lakeland City Commission voted to decrease the fuel charge for Lakeland Electric customers $2.75 per 1,000 kWh effective for meters read on or after July 1, 2016. The new fuel charge will be $34.25 per 1,000 kWh. After listening to a presentation at the Monday, June 6th Utility Committee meeting, staff recommended a decrease to the current fuel charge based on fuel forecasts in both the natural gas and coal markets. With the fuel decrease, Lakeland Electric will have the lowest residential utility rates in the state based on the average use per household calculated at 1,200 kWh per month.
The base rate includes environmental compliance charges that are directly related to federal and state initiatives regarding clean air and water mandates. Most of the expenses are related to energy production and include air emission controls, water quality monitoring and capital spending for equipment necessary to comply with the Environmental Protection Agency’s Clean Air Act.
Lakeland Electric bills are broken out for customer convenience in detail to show the base charge, fuel charge and appropriate taxes and service charges. The fuel charge on a utility bill is exactly that, the actual costs for fuel used to generate the amount of electricity used within your residence. Most utilities subscribe to the same billing practice and break out the base rate and the fuel charge for their customers. There is no mark-up in fuel. In fact, fuel is a straight pass-through charge to customers.
Based on Florida Municipal Electric Association data, Lakeland Electric’s residential rates after the April 2016 fuel charge decrease will continue to be one of the lowest in the state. Visit www.lakelandelectric.com for more information on Lakeland Electric services and visit www.publicpower.com to see residential rate comparisons.
Fitch, Moody’s, and Standard & Poor's Ratings Services have assigned long-term ratings of AA-, Aa3, and AA, respectively, to Lakeland Electric’s 2016 energy system bonds. At the same time, all three rating services also affirmed the same ratings on the utility's existing debt. The outlook for Lakeland Electric is stable.
Lakeland Electric fared well due to many factors, including its competitive rates - which are among the lowest in Florida - and a dependable low-cost power supply provided by the utility’s own gas- and coal-fired power plants.
“We consistently have some of the most competitive electric rates in the state,” said Joel Ivy, General Manager of Lakeland Electric. “Thanks to our strong energy production fleet, like McIntosh 5 and 3, and our ability to diversify how we produce or procure power, we are positioned well for the future and for our customers.”
For more information on the individual rating services reports, please click on the links below: