Electric bill going up for SRP customers

SRP has announced it will be increasing monthly utility costs for the rest of 2022 and into 2023.
SRP has announced it will be increasing monthly utility costs for the rest of 2022 and into 2023.(Arizona's Family)
Published: Sep. 12, 2022 at 3:56 PM MST
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PHOENIX (3TV/CBS 5) - SRP has announced it will be increasing monthly utility costs for the rest of 2022 and into 2023.

Effective by the November 2022 billing cycle, the SRP board has approved an overall 4.7% average annual increase in utility bill costs. The specific impact will be varied depending on customer plans and usage, but on average, customers can expect to see a $5.58 increase in a typical residential monthly bill in 2022. An adjustment for the same amount will be effective one year later, starting November 2023.

SRP claims that the increase was necessary due to the increasing costs of fuel and purchased power agreement to the Salt River Project. Also, the board voted to forgo $124 million of under-collected fuel costs to reduce the impact on customer prices. SRP’s under-collection balance totaled around $306 million by the end of July.

“SRP is rebalancing our prices to address our substantial under collection with two incremental increases and forgoing collection of a significant amount so that price changes are gradual, and costs are spread equitably among all customers,” said SRP General Manager and CEO Mike Hummel. “By breaking up the necessary increase and announcing this upfront, we allow customers to anticipate and plan for upcoming changes.”

To learn more about SRP, the services it offers, and financial assistance programs the company offers, click here.