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According to the news source, the city-owned utility said it will lower its base rate for residential electricity bills by 4.8 percent to help families that are still struggling in Florida's slowly recovering economy. Customers who consume the typical 1,000 kilowatt-hours per month will now pay about $109.43, rather than the current $115.
Officials at the utility say the lower rate was possible because of a series of expense cuts, which included cutting 63 open positions at a company with more than 1,100 workers. The lower rate will go into effect on October 1, and lower electricity bills for some 225,000 customers in Orange and Osceola Counties.
The decrease comes on the heels of another price drop, which the utility said was made possible by lower natural gas prices. This, however, was not the case for many utilities, with a recent report finding that as natural gas prices continue to fall, these savings are not being passed on to electricity ratepayers.