San Antonio Chamber Of Commerce: San Antonio City Council Approves CPS Energy's Rate Increase

Press release from the San Antonio Chamber of Commerce - News:

2022-01-19

On January 13, 2022, CPS Energy Interim President and CEO Rudy Garza presented the 3.85% rate increase and .8% regulatory asset adjustment to the San Antonio City Council with request for approval. The City Council approved the CPS Energy Proposed Electric and Gas Rate Increase with an 8-3 vote and the CPS Energy Regulatory Asset for Winter Storm Uri costs with a 9-2 vote.

The .8% regulatory asset will recover $418 million in fuel costs incurred during the 2021 Winter Storm Uri. The 3.85% proposed rate increase is the first in eight years and will help address the immediate financial needs to stabilize the utility, in addition to providing investments for critical infrastructure.

Richard Perez, San Antonio Chamber of Commerce President and CEO, along with Cristina Aldrete, President and CEO of the North San Antonio Chamber, and JR Trevino, the 2023 San Antonio Hispanic Chamber of Commerce Board Chair-Elect testified in support of the proposed 3.85% base rate increase and the .8% regulatory asset before the San Antonio City Council. Additionally, the San Antonio Chamber of Commerce, partner Chambers, and business organizations submitted a joint letter of support for the proposed rate increase as a mechanism to maintain the utility’s financial stability, enhance resiliency, and maximize reliability.

Both the proposed rate increase and regulatory asset adjustment will go into effect on March 1, 2022.

For more information, please contact Cacie Madrid, VP of Public Policy at cmadrid@sachamber.org or by phone at (210) 229-2161.

This press release was produced by the San Antonio Chamber of Commerce - News. The views expressed here are the author’s own.