Lubbock Power & Light (LP&L) is lowering the electric rate for the second time this summer, resulting in a substantial decrease in overall rates for all customers.

Specifically, the power cost recover factor (PCRF) portion of the electric rate is being lowered. The PCRF is the amount LP&L pays to purchase or generate power, passed directly through to customers with no mark-up.

According to LP&L, this lower rate was made possible due to lower wholesale purchased power costs and low natural gas prices and will be set for August and September, which are anticipated to be the hottest months of the year.

Director of Electricity Utilities David McCalla said:

LP&L is committed to providing our customers with safe, affordable and reliable power. [...] We’re thankful the timing worked out to where we can pass on the savings to our customers when electricity usage is historically the highest.

The new rates go into effect August 1st, and rates should return to levels similar to the previous winter season on October 1st.