Budget includes full implementation of smart meters and electric rate decrease

The Memphis City Council approved the 2016 Budget for Memphis Light, Gas and Water Division Tuesday night. The $1.9 billion budget will become final with the approval of the Council minutes on Dec. 15.

The Council approved a $240 million contract to Elster Solutions, LLC, which allows for full smart meter implementation. MLGW plans to begin installing 200,000 smart meters annually starting in 2016.

A 22 percent water rate increase was approved along with an offsetting 2.9 percent decrease for electric rates for residential and small commercial customers. On average, residential customers will see a decrease of 14 cents on their monthly bills.