Electricity rate hikes planned by the Los Angeles Department of Water and Power that lay the groundwork for issuing more than $2 billion in revenue bonds passed a first vote of the City Council Tuesday. The council has to vote on the rate hikes a second time next week for final approval.

The proposal would raise rates by 5.5% increase for residential customers and 11% for commercial customers.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.