PHOENIX — Salt River Project announced Monday it is planning to raise its utility rates to generate revenue for upgrades to its power system.
SRP is asking its board of directors to approve an overall price increase of 2.4%, which would equate to an average monthly bill increase of 3.5% or $5.64. The raise would take effect in November 2025.
SRP said actual bill increases would depend on usage and the customer's price plan. The SRP board last approved changes to base prices in 2019.
“SRP management’s proposal reflects increases in the company’s operational costs driven by needed improvements to the electric grid to maintain reliability and meet our ambitious sustainability and decarbonization goals, by rising labor costs and by important customer service enhancements," SRP CEO Jim Pratt said in a statement.
The board of directors will review the pricing proposal and receive public feedback before voting on the matter during a special meeting on Feb. 27, 2025.
SRP customers can learn more at open house events scheduled on Jan. 7 at Glendale Community College and on Jan. 9 at the ASU Polytech campus in Mesa.
More information about the process can be found here.
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