Press Release: Electric Utility Rates

Lake Worth Beach, FL - The City of Lake Worth Beach is pleased to announce that on January 30, 2024, the City Commission voted unanimously to reduce the monthly electric bill for all customers of the City’s electric utility effective March 1, 2024.  As a point of reference, a typical customer using 1,000 kWh (kilowatt-hours) of electricity monthly will see a decrease of $6.95 in their bill.  Customers will see the reduction in the Purchased Power Cost Adjustment (PCA) line item on their bills.  

The decrease in the PCA is reflective of lower natural gas costs associated with the production of electricity to meet the needs of the utility’s customers.  By approving this rate decrease, the City Commission of Lake Worth Beach maintains its commitment to constant cost of services evaluation and passing any cost savings on to the customers. Out of the 37 Municipal and IOUs (Investor Owned Utilities), the City’s electric rate is currently the 8th lowest in the State of Florida.

The City Commission also voted to transfer $1 million of PCA working capital to the Rate Stabilization Fund, which will grow the fund to a total of $3.5 million while leaving approximately $600,000 in the PCA working capital account to accommodate short term fluctuations in wholesale energy prices.  The Rate Stabilization Fund is intended to provide a source of funds to lessen the impact to customer rates of rapid increases in wholesale energy costs.