SAN ANTONIO - CPS Energy C.E.O Doyle Beneby announced on Tuesday the publicly owned utility will not seek a rate increase this year.
Beneby said he will not have to go to San Antonio City Council this year to seek a rate increase as previously planned.
Back in 2010, CPS Energy laid out a ten-year plan that called for rate increases every two years.
Back then, they estimated customers would see a 4.9% increase in 2012. Late in 2011, the utility announced the rate increase would be much lower than 4.9% and it wouldn't go into effect until September.
After reworking the numbers again, Beneby said the utility can make it through the rest of the year without an increase.
However, customers can expect to see one next year.
"I can assure the public this isn't a shell game where we're just going to tack it on to the next cycle," Beneby said. "I think we'll be in a really good place where that number will be very competitive with where we thought we would be right now."
Beneby said a combination of belt tightening, the addition of new green energy technologies and customers being more aware of their power consumption are the key reasons the rates will stay the same.
Beneby said if CPS does seek a rate increase next year, it would likely go into effect around the first of February.
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