SAN ANTONIO (KTSA News) — CPS Energy discussed a potential rate increase with the company’s board of trustees during a monthly meeting on Monday.
The finance team at CPS Energy reportedly discussed a provisional rate increase meant to offset financial pressures from the global pandemic and February’s historic winter blast. CPS Energy reports that more than $100 million in uncollected customer balances as the result of pandemic-related customer support.
“We continually evaluate the need for rate support on an ongoing basis,” said CPS Energy Chief Financial Officer Cory Kuchinsky. “Through our prudent financial stewardship, we effectively managed our operations well even though the last increase was seven years ago. The conversation with our Trustees today was to give a first look at the financial landscape, present the Fiscal Year 2022 financial plan, and present the impacts of moving forward with and without a provisional rate increase.”
Although a rate increase was discussed, no formal measures have taken place. CPS Energy officials said that once an official rate increase request is made, it would be sent to the company’s board of trustees and then voted on by the San Antonio City Council before it would take effect.
CPS Energy said the company will reconsider the rate increase in the Fall.