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The deal will add 1,710 megawatts of power to the CPS Energy generation porfolio. The utility said this will help add critical capacity and retire older gas units.
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The city-owned power company reported the typical customer will see an average $4.45 monthly increase — or an annual increase of more than $53.
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The council passed the increase in a 8-3 vote with council members Teri Castillo, Marc Whyte, and Jalen McKee-Rodriguez voting against the measure.
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The rate hike is down from the utility's initial forecast of a 5.5% increase, and it's estimated to generate $85 million.
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District 6's Melissa Cabello Havrda filed a Council Consideration Request (CCR) this week that would modify the city's 14 percent draw from CPS Energy amid strains in the state's power grid this summer.
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The Texas power grid survived another close call Thursday evening. While record energy demand came dangerously close to the available supply, a need for rolling blackouts did not arise — as San Antonio officials had warned. CPS Energy, the municipally owned utility, thanked San Antonio residents on social media for "doing their part to conserve today."
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The adopted plan will use a mix of wind, solar, gas, and energy storage. San Antonio's Spruce 1 coal plant will be shut down by 2028, and generation at Spruce 2 plant is expected to be converted to gas by 2027.
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CPS Energy and SAWS also described other efforts to make their systems more resilient.
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The heads of CPS Energy and the San Antonio Water System said on Wednesday they have taken measures to keep the lights on and the water flowing.
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CPS Energy customers will receive a rebate in November following the proposal's inclusion in the full 2023 budget, which council members approved on Thursday along with the operating budget for 2023.