CPS Energy plans to go to the San Antonio City Council seeking a 4.25% base rate increase that would take effect in March 2024.
CPS Energy, San Antonio’s municipally owned electric utility, plans to go to City Council seeking a 4.25% base rate increase, which is lower than the 5.5% the utility had earlier predicted it would need heading into its next fiscal year.
CPS Energy’s Chief Financial Officer Cory Kuchinsky told reporters Wednesday the utility requires the base rate increase to combat inflation, replace aging infrastructure, manage the growth of San Antonio’s population and to continue growing its staff. The utility’s board of trustees will discuss the new proposed increase for the first time Wednesday afternoon in a special board meeting prior to utility officials introducing the proposed rate hike to City Council later Wednesday.
When the utility sought the 3.85% base rate increase, CPS Energy officials noted regular rate increases would have to become the norm for the electric utility in order to address its growing needs. A multi-year plan unveiled by the utility showed CPS Energy would require at least two 5.5% rate increases — one approved in 2023 and one in 2025 — to keep up with growing costs. It showed the utility also would likely need rate increases every two years through at least 2030.
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