CPS Energy utility bills going up February 1
SAN ANTONIO (KTSA News) — CPS Energy bills will go up as customers can expect an additional 4.25% increase when February 1, 2024, occurs during the billing cycle.
This will result in an average $4.45 monthly increase for a residential customer’s electric and gas bill.
The rate increase will appear in the Service Availability Charge and Energy Charge sections of a customer’s monthly utility bill. For more information on reading and understanding the monthly statement, customers can visit the Understanding Your Energy Bill page on the CPS Energy website.
The rate increase will equate to an $85 million investment in the following areas:
- Infrastructure Resiliency – Aging infrastructure upgrades to limit the likelihood and impact of outages.
- Growth – San Antonio and the surrounding area is expected to increase its population by 30% by 2030. With growth comes additional load demand and investment to sustain system reliability.
- Technology & Security – CPS Energy’s core technology systems are 20 years old and must be replaced. Similarly, there is a need to continue to invest in and maintain physical and cyber security systems.
- People – Over the next five years, 30% of CPS Energy team members will be eligible for retirement. Thirty percent of the remaining workforce has less than two years in their role, and CPS Energy will need to invest in workforce planning.
As part of the approved rate increase, CPS Energy will raise the monthly bill discount available through the Affordability Discount Program (ADP) from $16.14 to $18.36. This existing ADP benefit assists low-income customers in paying for electric and gas services.
CPS Energy offers energy efficiency resources, including My Energy Portal, a service available to customers to track and manage energy usage.
CPS Energy also launched a bill estimator to show customers the potential bill impact based on normal energy usage for residential and small commercial customers.