Tag Archives: Lakeland Electric

10Sep/18

Lakeland Electric’s Financial Outlook Affirmed

lakeland electric

Lakeland, Florida, September 7th, 2018 – Three major credit rating agencies, Moody’s Investors Service, Fitch Ratings, and Standard & Poor (S&P) have affirmed Lakeland Electric’s Rating Outlooks, continuing Lakeland Electric’s positive trend toward healthy financial metrics.

Moody’s affirmed the Aa3 credit rating of Lakeland Electric’s system bonds. Fitch Ratings affirmed the ‘AA-’rating and deemed the outlook as Positive. S&P assigned Lakeland Electric its ‘AA’ long-term rating.

Lakeland Electric fared well despite the challenges from Hurricane Irma in 2017. Factor’s sited by the agencies included Lakeland Electric’s “competitive rates that are below the state average” and its “solid asset generation mix” provided by the utility’s own gas- and coal-fired power plants. Lakeland Electric continues to have some of the lowest rates in Florida.

“Thanks to our strong energy production fleet, like McIntosh 5 and 3, and our ability to diversify how we produce and procure power, our customers are well positioned for the future” said Joel Ivy, General Manager of Lakeland Electric.

To view the press releases by each credit agency, please visit this link: https://lakelandelectric.com/About-Us/News-Events/PostId/1416/ratings-press-releases

05Sep/18

Lakeland Electric Fuel Charge Decreased for Next Quarter

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LAKELAND ELECTRIC FUEL CHARGE DECREASED FOR NEXT QUARTER

EFFECTIVE OCTOBER 1, 2018

LAKELAND, FL (September 5th, 2018) – The Lakeland City Commission voted yesterday to decrease the electric fuel charge for Lakeland Electric customers for the next fiscal quarter (October/November/December 2018). After giving a presentation at the Monday, September 4th Utility Committee meeting, staff recommended decreasing the fuel charge rate.

The fuel charge will decrease to 3.875¢ per kilowatt hour (kWh). Multiplying the new fuel charge by 1,000 kWh, which is approximately the average a residential home utilizes in a month, the cost equals $38.75 per 1,000 kWh for fuel.

The decrease in the fuel charge comes from a heavy rainy season which lowered the demand to purchase natural gas consumed over the summer months, causing the price of fuel to drop. Lakeland Electric will continue to have some of the lowest electric rates in the state. As with most electric utilities that generate their own power, the cost of fuel is directly passed onto the customers. This makes it an important part of Lakeland Electric’s ever ongoing effort to keep our customer’s electric costs low.

 

Residential Rates Based on 1,000 kWh Current Rates – Effective Ocotber 2018
Base Charge* (see below for breakdown of charges) $62.60 $64.10
Fuel Charge              $40.75 $38.75
TOTAL: $103.35 $102.85

 

*Base Charge – New Customer Charge Effective October 2018
Customer Charge $  11.00/month
Energy & Smart Grid Charges $50.99/1000 kWh
Environmental Charge $  2.11/1000 kWh           
06Aug/18

LAKELAND ELECTRIC’S PROPOSED BASE RATE INCREASE APPROVED BY CITY COMMISSION

lakeland electric
Lakeland, Florida, August 6th, 2018 – City of Lakeland Commission has approved Lakeland Electric’s proposed Base Rate increase in a five to two vote at this morning’s City Commission meeting. This additional money will go to maintaining and upgrading Lakeland Electric’s power plants, poles, wires, and substations, as well as cover operational costs that rose over the last three years. The changes to the Base Rate will not take effect until October 2018.
Our customers’ bills are made up of several charges: base rate, environmental charge, fuel charge, and taxes and surcharges. Lakeland Electric proposed raising one charge on the electric bill – the Base Rate – around 3%.
The Base Rate consists of the customer charge and the energy charge, or the kilowatt hours (kWh) used by a customer. For the average residential customer, the overall bill would go up by about 1.8%, which equals $2.43 for a customer using 1200 kilowatt hours every month.
Lakeland Electric will continue to have some of the lowest electric rates in the state. According to the latest rate comparisons by the Florida Municipal Electric Association, Lakeland Electric had the fourth lowest electric utility rates across the state of Florida in June 2018. You can find more information about the rate comparisons here: http://publicpower.com/pdf/rates/2018/2018_june_rates.pdf
In fact, in 2017 Lakeland Electric ranked as having the overall lowest rates in the state in 6 of 8 customer categories (i.e., commercial, residential, industrial, etc.).
At Lakeland Electric, we constantly look for operational efficiencies, from streamlining procedures so they are faster, cheaper, and better, to finding technologies that save money. We have right-sized our organization through attrition, which means we have decreased our budget as well as headcount by 34 positions since 2015. We continually strive to maintain affordable, dependable, and sustainable service.
For more information about the base rate increase, please visit www.LakelandElectric.com/baserate.

19Jun/18

Lakeland Electric to Host Customer Workshops to Share Information About a Proposed Base Rate Increase

lakeland electric

LAKELAND, FL JUNE 19 2018:

Lakeland Electric is proposing raising our customer’s total monthly residential bills by around two dollars. Businesses would also see minor increases. This additional money will go to maintaining and upgrading Lakeland Electric’s power plants, poles, wires, and substations, as well as cover operational costs that rose over the last three years.

We invite our customers to join us on June 26, 2018 at RP Funding Center, 701 W. Lime Street from 5:30 p.m. to 7:30 p.m., or on June 25th or June 28th virtually via the Internet from 5:30 p.m. to 6:30 p.m. Lakeland Electric staff will share information about the proposed base rate increase and customers will be able to provide comments.

Our customer’s bill is made up of several charges: base rate, environmental charge, fuel charge, and taxes and surcharges. Lakeland Electric is proposing raising one charge on the electric bill – the Base Rate – around 3% in October 2018. It could be lower or slightly higher than 3% depending on your customer class. Since the Base Rate is only one portion of your bill, your overall bill would go up by about 1.8%, which equals $2.43 for an average residential customer using 1200 kilowatt hours every month.

Even with this possible increase, Lakeland Electric will continue to have some of the lowest electric rates in the state. In fact, in 2017 Lakeland Electric ranked as having the overall lowest rates in the state in 6 of 8 customer categories (i.e., commercial, residential, industrial, etc.).

Customers are encouraged to RSVP for one of the workshops at https://www.surveymonkey.com/r/baserate.

For more information about these workshops and the proposed base rate increase, please visit www.LakelandElectric.com/baserate.

The link to the virtual meetings can be found here: www.LakelandElectric.com/virtualmeeting.

In accordance with the Americans with Disabilities Act and Section 286.26, Florida Statute, persons with disabilities needing special accommodation to participate in this proceeding, or those requiring language assistance (free of charge) should contact the City of Lakeland ADA Specialist, Jenny Sykes.  Because providing a reasonable accommodation may require outside assistance, organizations, or resources, the City asks that any request be made with as much notice as possible, preferably 72 hours, but no later than 48 hours in advance of the event, at: (863) 834-8444, Email: Jenny.Sykes@lakelandgov.net.  If hearing impaired, please contact the TDD numbers: Local – (863) 834-8333 or 1-(800) 955-8771 (TDD – Telecommunications Device for the Deaf) or the Florida Relay Service number: 1-(800) 955-8770 (VOICE), for assistance.

28Oct/09

LAKELAND ELECTRIC RECEIVES $20 MILLION SMART GRID GRANT

LAKELAND, FL (October 27, 2009) – Lakeland Electric was notified by the Department of Energy that the utility has been selected to receive funding as part of the Smart Grid Investment Grant for the installation of smart grid technology.

The Lakeland Electric smart grid initiative will allow customers to manage their own usage through devices that will be able to control the time appliances in a home are turned on or off.  Jim Stanfield, General Manager of Lakeland Electric said, “This technology has the capability of changing the way we do business through improved interaction with customers.”  He added, “A customer can program the operation of their appliances and with time of day pricing, they can choose to have their dishwasher, hot water heater or pool pump operate during non-peak times.  This will ultimately allow a customer to manage their usage and the rates they pay.”

Lakeland Electric requested a $20 million as part of the Federal Government’s Smart Grid Investment Grant.  The Lakeland Electric smart grid initiative is estimated to cost of $48 million.  The Department of Energy has tentatively scheduled an award briefing for the week of November 16, 2009 to discuss logistics of the project.  Lakeland Electric is on task to start the project with the first meters to be installed during the summer 2010.  Lakeland Electric’s smart system build out of 120,000 meters is scheduled to take three years to complete.

 With the installation of smart grid technology, the customer will receive an outside meter with two-way radio communications that talks to the electric system and an interior home display that shares information with the meter. The interior display has the ability for customers to program appliances inside the home and monitor the cost of energy as it is being consumed.  A smart grid system provides new features for the customer including more convenience and better, faster service; new rate choices through time of use rates and more control over energy bills.

 The $20 million Smart Grid Investment Grand awarded to Lakeland Electric is the 2nd largest project in the State of Florida and the 29th largest project awarded nationwide.