Lincoln Electric System is proposing a 3.7 percent increase to retail electric rates. The proposal came during LES’ Administrative Board meeting on Friday. The rate adjustment is primarily due to ongoing investments in recruiting and retaining LES’ critical workforce. LES says the increase is also driven by increases in net power costs and debt service.
“It is a priority of LES to keep costs low for customers while delivering safe, reliable and affordable service,” says Emily Koenig, LES vice president of Financial Services & chief financial officer. “The key drivers of next year’s proposed budget and rates are investments in our highly skilled workforce and electrical infrastructure.”
If approved, a typical residential customer using 1,000 kilowatt-hours per month will see an increase of approximately $4 on their monthly bill. Other rate classes would see increases varying from 2.1% to 7.8% based on the cost to serve each customer class.
The total proposed 2024 budget of $362 million includes the operating budget of $283 million and the capital budget of $79 million. The new rates would go into effect January 1.