SRP board votes to delay price increases until November
PHOENIX — The Salt River Project announced Monday that it will delay customer price increases until November.
The increase comes as a rebalance of funds after costs were lowered in May 2019 to correct an over-collected balance.
“Despite the need to rebalance FPPAM [Fuel and Purchase Power Adjustment Mechanism] prices and in consideration of customers, the pandemic and overall economic environment, the Board voted to reduce the under-collected balance of the FPPAM to zero through a contribution of $82 million and to delay implementation of the adjustment to the FPPAM until after this summer,” SRP said in a press release.
A 3.9% average annual increase will go into effect in the November billing cycle.
The average difference for a typical SRP customer would be about $3.96 more per month, but the number depends on price plan and energy use.
Overall price levels for SRP customers haven’t been increased since 2015, according to the company.