LINCOLN – A nationwide study revealed that Lincoln Electric System’s rates continue to rank among the lowest in the country in 2017.
LES’ annual National Electric Rate Study determined that the utility’s rates, on average, rank 16th lowest among 100 cities surveyed nationwide, LES Director of Finance and Rates Emily Koenig said.
“This study is an effort to monitor our affordability,” Koenig said. “We like to provide our customers with an annual comparison to show our competitiveness with rates of other electric utilities all over the country.”
In the 2017 study, LES had the 16th-lowest rates overall when compared to 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. LES residential rates ranked as the 10th lowest in the study.
LES residential customers using 1,000 kilowatt-hours per month pay an average of $96.48 on their monthly bill, which is 28 percent less than the U.S average of $134.59, Koenig said. LES industrial customers using 1,000 kilowatts and 400,000 kWh pay $31,060 on their monthly bill, which is 21 percent less than the U.S. average of $39,071.
“LES’ current nameplate generation portfolio is a balanced one-third natural gas, one-third coal and one-third renewables,” said LES CEO Kevin Wailes. “We maintain a diverse generation portfolio, both by fuel type and geographic location, to keep costs among the lowest in the nation.”
Wailes said LES’ low rates can be attributed to several factors, including:
- Low operating costs at power plants that supply electricity.
- Ongoing efforts to improve operational efficiency across all LES business units.
- AA bond ratings that allow LES to borrow money at lower interest costs.
LES’ annual National Electric Rate Study compared electric bills for basic classes of service from the 100 utilities based on rates in effect on Jan. 1. Learn more about LES’ study and its methodology here.