LINCOLN – A nationwide study found Lincoln Electric System’s 2018 rates rank among the lowest in the nation.
Out of 100 cities surveyed nationwide, LES’ annual National Electric Rate Study determined that the utility’s average rates are the eighth lowest, LES Director of Finance and Rates Emily Koenig said. “We investigate how competitive our rates are every year, and this year’s study confirms that LES continues to deliver safe, reliable electricity at nationally low costs for our citizens and businesses,” Koenig said. “Providing this data to our customers is part of the value of a public power utility.”
Between LES’ 2017 and 2018 rate studies — which evaluated 100 utilities (76 investor-owned, 24 municipal/public power) in cities with populations greater than 100,000, including at least one city from each state in the U.S. — Lincoln’s electric provider rose eight spots from 16th to eighth for the overall lowest average electric rates. Within the rankings, LES improved in its position for residential rates, climbing from 10th in 2017 to sixth this year, as well as commercial rates, going from 16th to 15th.
LES residential customers using 1,000 kilowatt-hours per month pay an average of $96.42 on their monthly bill, which is 31 percent less than the study average of $139.98, Koenig said.
“The impact of lower residential bills for LES customers, compared to the national average, saves LES residential customers more than $35 million per year,” Koenig said.
LES industrial customers using 1,000 kW and 400,000 kWh pay $31,080 on their monthly bill, which is 23 percent less than the study average of $40,614.
“Our low rates reflect the high standards we set for ourselves and our customers,” said Kevin Wailes, LES chief executive officer. “We keep operating costs as low as possible without adversely impacting reliability, improve efficiencies where possible and maintain diversity in our generation resources, using a blend of wind, solar, hydro, natural gas and coal to power our community.”
LES’ annual National Electric Rate Study compared electric bills for basic classes of service from 24 public power and 76 investor-owned utilities based on rates in effect on Jan. 1. LES adheres to the same categories utilized by the Edison Electric Institute’s National Rate Study of investor-owned utilities.
To learn more about LES’ study and its methodology, click here.