Lincoln Electric System’s proposed budget includes 4.8% increase in rates

LINCOLN, Neb. (KLKN) – Lincolnites could see an increase in their electric bills in 2023.

The Lincoln Electric System proposed a new budget on Friday, which includes a 4.8% systemwide increase to electric rates.

The utility said this change was made due to expected increases in power and transmission cost.

Customers could see an increase of around $5 on their monthly bill if the proposed budget is adopted.

Emily Koenig, LES vice president of financial services, said the utility is experiencing inflation and supply chain pressures.

“While cost reductions were included in the proposed budget, it is necessary to implement a rate increase to fund overall increased costs,” Koenig said in a press release.

She added that it is LES’s priority to keep costs low for customers.

“The 2023 rate increase will position LES to continue delivering safe, reliable and affordable electric service while keeping the average residential customer’s daily cost less than $3 per day,” Koenig said.

The LES Administrative Board is set to vote on the budget during its Oct. 21 meeting.

If approved, the budget will be considered by the Lincoln City Council at a public hearing in November.

And if the council passes the proposal, rates will change on Jan. 1.