LCEC has DECREASED the Power Cost Adjustment for a second time beginning August 1, 2023, based on forecasted fuel costs and cost recovery.
LCEC is a proud member of Touchstone Energy Cooperative.
According to a recent report by the University of Florida’s Public Utility Research Center, Florida’s electric rates were higher in recent years than the other Southeastern states because the state’s utilities use more natural gas. LCEC has worked hard to manage the part of the bill they can control related to operation and maintenance costs and has not had a base rate increase in three years. The LCEC Board of Trustees continually monitors the financial position of the cooperative and addresses fluctuations in the cost of purchased power to ensure financial stability and has not adjusted the power cost reflected on customers’ bill in several years either.
In 2003, Florida utilities started using more natural gas, the report says. Natural gas prices steadily increased in Florida from $2.50 per million British thermal units, in 1990 to over $10 in 2008 while coal went from about $1.80 to almost $3 during that time.
Florida Power & Light, the state’s largest utility and one of LCEC’s power suppliers, is rebuilding two of its plants to run on natural gas and plans to propose converting a third one by the end of the year.
Despite the benefits, using more natural gas “comes with a cost,” Florida Public Service Commission Chairman Art Graham said in a recent statement. “Florida’s residential customers pay 10 to 20 percent more than they would in other Southeast states.”
Not all critics agree with the recent report stating that the data is not the most current and the recent drop in natural gas prices make the fuel competitive with coal and nuclear power. In fact, a Florida Power and Light spokesperson was recently quoted in the Palm Beach Post stating that the cost of burning coal has increased while natural gas prices have decreased by 70 percent since the peak in 2009.
LCEC has been named by AARP to its 2011 list of Best Employers for Workers 50 and Over. To be considered, employers must submit a comprehensive application describing employee programs, practices and policies. 2011 marks the ten year history of the program designed to highlight exemplary organizations with new and innovative best practices in talent management. LCEC also received the honor in 2004 and 2009.
“We value our employees and strive to implement best practices for employees of all ages. This includes a focus on employee engagement in order to maintain a positive workplace. LCEC has a large percentage of workers over age 50 and our benefits programs including health and wellness initiatives, retirement plans with financial planning and professional development opportunities have high value. Employees also have access to training and tuition reimbursement to broaden their skills,” said CEO Dennie Hamilton.
LCEC will be featured along with other honorees in theNovember-December issue of AARP The Magazine. For more information about the award, visit www.aarp.org/…/lee-county-electric-aarp-best-employers.html
Highlights of LCEC 2011 Winning Strategies:
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