To our customers and our community,
Today we recommended to our Board of Trustees that we move forward with plans for a CPS Energy rate increase of 4.75% to go into effect Feb. 1, 2014.
The last rate increase was in 2010.
No one likes to think about paying more for a service they cannot live without, but a modest increase is needed to maintain the strong reliability and service our customers deserve.
San Antonio is growing. Infrastructure needs updating. Poles, pipes, cable, substations and power plants all need upgrades. And we are modernizing our power grid to allow for new technologies that will help us and our customers be more efficient.
The purpose of a municipal utility is to serve our community with affordable, reliable energy. Affordability will continue to be our first priority. We make business decisions every day with an eye to maintaining our position of having the lowest bills of the 20 largest U.S. cities, and of all the major cities in Texas, with an average residential cost of 9.4 cents per kilowatt hour.
We will continue to provide assistance to those in need through various customer programs created to help reduce their energy bills. In 2012, 250,000 customers took advantage of affordability discounts, weatherization, and other programs that helped lower their energy costs.
And because this community is our home, our workforce will continue to give back, whether through almost $1 million in employee contributions to United Way or by providing 11,000 hours of volunteer service, as we did in 2012.
We look forward to upcoming community conversations over the next few months, and we welcome feedback.