While many utilities are increasing electric rates, LCEC is keeping its rates stable for 2014. LCEC has not raised electric rates since 2008 and LCEC continues to work hard to keep rates competitive. Although the cost of materials, labor and purchased power has risen over the past few years, a calculated business strategy has helped LCEC manage operating costs. Process improvements, proactive maintenance, constant budget oversight, the use of technology and the diligence of employees have all contributed to holding the line on LCEC electric rates.
LCEC will also be reducing the cost of power for customers beginning January 1, 2014. Natural gas prices recently reached a historical low allowing power suppliers with diverse fuel mixes to take advantage of reduced fuel costs. LCEC shares these savings with customers through the Power Cost Adjustment (PCA), which is noted on the electric bill. The LCEC Board of Trustees recently approved a decrease from $17.96 per 1,000 kWh to $16.65 per 1,000 kWh.