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CPS Energy Lowers Rate HIke Request



by Elizabeth Ruiz

The CPS Energy board has trimmed its rate hike proposal by half of 1 percent.  Trustees on Tuesday decided to lower the rate increase request from 4.75 percent to 4.25 percent.

The move follows a series of public hearings and some flak from city council concerning the utility's employee bonus program.

CPS Energy CEO Doyle Beneby recommended to the board that the budget for the Employee Incentive Program be slashed by 50 percent. 

"That matters to us," he told the board.  "We listen to the community, and what we heard was lots of concern and angst over our incentive program."

Mayor Julian Castro, who sits on the board, praised Beneby and the utility for responding to the council and community concerns.

Improvement to service centers will be delayed, and plans to relocate servers to a new data center also have been postponed. 

If the reduced rate hike request  is approved by the San Antonio City Council November 7, it will go into effect in February.

The increase would mean an additional $4.68 a month on the average residential gas and electric bill.

The rate hike would raise nearly $118 million over two years for CPS Energy. 

  


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Topics : Business_Finance
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People : Doyle BenebyJulian Castro
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