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.

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