SRP is targeting a price increase of almost 6% for customers

PHOENIX – The Salt River Project (SRP) is seeking a rate increase that would increase average housing costs by over $5 per month, the utility announced Monday.

SRP is seeking to increase its revenue base by $168.8 million to fund power system modernization and address an expected $67.7 million decline in fuel and purchased electricity revenue.

If the rate hike is implemented, household bills will increase by an average of 3.5%, or $5.64 per household. SRP, the largest electricity provider in the Phoenix metropolitan area, serves approximately 1.1 million customers.

“SRP is committed to providing exceptional service as we work to provide reliable and sustainable energy,” Jim Pratt, general manager and CEO of SRP, said in the release. “As a nonprofit, community-based energy provider, we make decisions based on what is best for our customers, not investors.”

What are other elements of the proposed SRP price increase?

SRP wants to make several adjustments as part of the proposal.

First, the utility wants to increase the limited income economy pricing plan’s bill credit to $25 per month and expand its eligibility.

SRP also plans tiered monthly residential service fees and new off-peak daytime super usage pricing plans.

Finally, SRP would like to freeze new participation in some current time-of-use pricing plans.

“Our grid is undergoing a transformation in the way energy is generated and how our customers use it,” Pratt said. “This proposal aims to provide plans and options that meet the needs of our customers while ensuring we maintain the reliability and affordability that are critical to our communities.”

There will be two open days in January. The first will be held at the Glendale Community College Student Union (6000 W. Olive Ave.) on January 7 from 6:30 to 9:30 p.m. The second will be held at the ASU Polytechnic Campus Student Union (5999 S. Backus Mall) in Mesa on January 9th from 6:30 to 9:30 p.m.

A final vote on the proposed changes is expected on February 27.

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