CPS Energy customers won’t see a rate increase in 2023, but two substantial hikes loom on the horizon, utility officials reaffirmed Monday.
The discussion around rate increases came as the board of trustees voted Monday to approve a roughly $1.7 billionJohn Steen, the sole trustee to vote against the new budget, once again raised concerns about CPS Energy’s financial health, and said he couldn’t vote for a budget that was going “in the wrong direction.”
That multi-year plan unveiled last year relies on two future rate increases of about 5.5% each — one early next year, the other in early 2026. Utility officials said regular rate increases will likely become the norm for the utility in the future to keep up with inflation and other costs.its base rate by 3.85% last year, the first time in eight years. It also created a new monthly fee to help the utility recover costs from Winter Storm Uri.Success! You're on the list.
Steen also raised concerns that the utility was trending below its typical averages in cash on hand, debt service coverage and debt-to-capital ratio earlier this year, possibly putting its credit ratings at risk. However, Kuchinsky said all three of those metrics are holding steady at predicted outcomesThe three credit rating agencies that rate CPS Energy — Moody’s Investors Service, Fitch Ratings and S&P Global — are aware this is a bridge year for CPS Energy, Kuchinsky said.
CPS Energy is continuing to ramp up disconnections, which it suspended for more than a year during the height of the pandemic. Since last February, it has performed about 23,000 disconnections. The utility does not disconnect customers during bouts of extreme cold or heat.
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