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San Antonio owns CPS Energy and under that model, the city gets about one-third of its annual general fund revenue from the utility. Due to the higher than anticipated energy bills, the city is expected to receive more than $75 million extra revenue from CPS. The city, however, proposes using about $50 million of that extra revenue as a relief to customers.
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CPS Energy Interim President and CEO Rudy Garza updated San Antonio residents on the utility's preparedness amid record highs.
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CPS Energy is offering assistance to customers who may experience bill shock as the June heat wave has kept air conditioners and fans working overtime.
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There are scattered power outages around the city, predominately on the north side, where some ice has formed on overhead lines.
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The average monthly CPS Energy bill will go up by about $5 in the spring.
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The 3.85% increase would generate about $73 million per year for the utility which officials said would go towards weatherization, technology, staffing, and growth for the utility. It’s a substantial decrease from more than 10% proposed earlier this year.
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The city has earmarked $20 million for CPS Energy bills and $10 million for SAWS bills. It’s expected to assist about 10,000 CPS Energy customers and 13,000 SAWS customers on bills that go back as far as March 2020. Residents must meet certain guidelines in order to apply.
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Rudy Garza, the utility’s current Chief Customer and Stakeholder Engagement Officer was named by the board Trustees to lead the organization effective next Monday.
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Several groups are investigating manipulation of the electric and natural gas markets during the Texas blackout. But the rules are different for different kinds of energy.
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CPS Energy is exploring what officials call a provisional rate increase that could go into effect later this year.