CPS Energy CEO says rate increase for customers “very imminent”

SAN ANTONIO (KTSA News) — Consider yourself warned…CPS Energy is expected to announce a rate increase and it could be in the double digits.

Your power could cost about 10% more if the rate increase the utility is talking about goes through.

CEO Paula Gold-Williams says CPS hasn’t raised its rates in nearly 8 years but a number of factors, unpaid customer bills, infrastructure investments and the nearly 1 billion dollars in bills from the February freeze are causing a financial drain.

According to Gold-Williams the utility is in a “pre-rate increase period” and an increase in your power bill is “very imminent.”

In order for that to happen an increase would need to be approved by the CPS Energy Board of Trustees the the San Antonio City Council.

If that happens the rate increase would likely take effect spring of 2022.

CPS recently announced that more than 76,000 customers have unpaid balances of 93 million dollars.