LINCOLN — A nationwide study revealed that Lincoln Electric System’s rates continue to rank among the lowest in the country based on 2022 data. LES’ annual Competitive Market Study determined that the utility ranked 1st for the lowest residential all-in price and 8th best for the lowest average all-in price among 87 cities surveyed nationwide when including all retail sectors, said Joe Cocklin, manager, LES Rates & Analytics. The study is a comprehensive report of electric utility metrics, allowing LES to benchmark its performance with other utilities.
“This study is an effort to monitor our affordability and reliability,” Cocklin said. “We like to provide our customers an annual comparison to show our competitiveness with similar U.S. electric utilities.”
Additionally, LES ranked 4th for most stable rates over the past 10 years. In the area of reliability, without major event days of adverse weather, LES ranked 1st overall. The average total time a customer experienced a non-momentary power interruption in 2022 was 13.8 minutes.
LES is ranked 7th lowest overall for the average monthly residential bill. A typical residential customer paid an average of $83.73 on their monthly LES bill (less than $3 per day), which is 33% less than the U.S. average of $124.41. LES’ affordability is further shown by its 12th-place ranking for the lowest residential bill as a percentage of household income.
Cocklin said LES’ low rates are attributed to several factors, including low-cost generating resources and LES’ ongoing efforts to improve operational efficiency across all LES business units.
To learn more about LES’ study and its methodology, visit LES.com/Rates.