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CPS Energy to reduce EIP, lower rate request

By on October 3, 2013
Still video image of CEO Doyle Beneby

During his briefing today to City Council regarding CPS Energy’s proposed rate adjustment, CEO Doyle Beneby committed to reducing the requested increase from 4.75 percent through changes in the employee incentive program (EIP).

“As we have met with our customers and other stakeholders, we’ve heard their concerns,” Beneby said. “Overwhelmingly, people have said they expressed concerns with CPS Energy’s incentive pay or bonuses. I committed in my first presentation to Council to continue looking for ways to reduce the program, and we are doing that now.”

Over the next several days, CPS Energy management also will consider deferring upgrades to existing company facilities, as well as the changes in the EIP in order to determine their impact on the rate request. The company has committed to lower its budget for EIP by 16 percent in 2014, and by 50 percent in the following two years.

CPS Energy management expects to present a revised rate adjustment percentage to its Board of Trustees early next week.

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