The 30-year franchise agreement between LCEC and the City of Cape Coral expired in 2016. Understandably, City leaders conducted their due diligence to explore all options available to them. This included the potential for a City purchase of LCEC’s utility system in the City and creation of a municipal electric utility, which the City’s consultants estimated will cost approximately $425 million. LCEC strongly believes that a renewed franchise agreement, assuring continued electric service from LCEC, is in the best interest of the City and our customers. Since negotiations began in 2015 many attempts to reach an agreement have been unsuccessful. Without an agreement in place LCEC continues to serve customers in Cape Coral and collect the 3% franchise fee and remit it to the City of Cape Coral.
We are proud of the service LCEC has provided to Cape Coral for nearly 60 years. LCEC has a history of providing quality service, outstanding reliability, and competitive rates. LCEC has not raised rates in ten years. Our rates are among the lowest in Florida and 11.6 percent below the state average.
As a not-for-profit electric cooperative, LCEC is not motivated by profit but instead by service to customers. Margins are returned to members, who are our customers. For-profit, investor-owned utilities must earn a return for their shareholders, and utilities operated by municipalities utilize earnings in general funds to potentially be spent on other projects and programs.
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