It has barely been a year since CPS Energy raised its gas and electric rates for the first time in eight years, but the utility is already looking ahead to do it again
It’s not clear how big the rate hike proposal, which CPS Energy hopes to have in place by February 2024, will be, but CFO Cory Kuchinsky said both it and another increase in early 2026 remain part of the utility’s plans.
“So right now, we are having our team spend the spring and summer redoing the forecast, and we’ll come back with a sharper estimate,” he told KSAT., CPS Energy raised its base rates by 3.85% on Mar. 1, 2022. At the same time, it increased customers’ fuel adjustment charges to cover the costs of the February 2021 freeze.
“I mean, we’re in a high investment era of both -- because we’re in a transitional space in terms of technology from a and because our city continues to grow,” Kuchinsky said. “And that’s just not new growth. That’s about infrastructure maintenance and repairing a lot of the older equipment we have, and then also investing in our people.”
So even though CPS Energy pulled in $511 million more in revenue than it had expected during its 2023 fiscal year , Kuchinsky says most of it went straight out the door to cover the fuel costs.
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