SAN ANTONIO – CPS customers are bracing themselves for the next financial brunt.
According to the CPS Energy Board of Trustees’ regular meeting agenda, the board will hear the FY2022 Financial Plan and Sustainability Approach presentation, where CPS Vice President Cory Kuchinsky will discuss a provisional rate increase.
The company declined to comment but according to the agenda presentation, failure to raise rates could impact customer service, the ability to keep up with technology and will increase the risk to safety and security.
It could also increase the chances of longer and more frequent outages and bigger bill increases in the future.
The presentation says even before the pandemic and the February storm, Winter Storm Uri, the need for an increase was building. The company has not had a rate increase since 2014.
The last increase was in 2010. Currently, the company is over a billion dollars in the hole following the winter storm.
Customer Destiny Mendez says customers may have to get ready to “make their pennies stretch even more.”
The rate increase would need approval by the board and council at a later date, but the goal by the utility company is that the rate increase would take effect by fall 2021.
“We’re going to have to do it... CPS Energy has a monopoly here,” Mendez said.
The meeting will be streamed online Monday at 1 p.m.