Federal grants and more deals for smaller utilities to buy electricity and related services are likely to play a bigger role in the utility’s revenue picture.
CEO Rudy Garza told the city-owned utility’s board Monday that CPS’ historical model — a mix of revenue from ratepayers and selling surplus electricity on the wholesale market — is no longer enough to, which later this year are to include a costly update of its day-to-day business software.
No matter what happens, customers will be paying more in the next few years. The cash-strapped utility is already expected to increase rates in 2024 and again in 2026. Until a rate increase in March 2022, CPS had gone eight years without a hike — a stretch that seems unlikely to be repeated in the foreseeable future given inflation, the rising costs of materials and labor and rapid population growth in San Antonio.
Early this year, trustees voted to end the era of coal-fired electricity generation in San Antonio within five years — and the coming pair of 5.5 percent rate increases are to help pay for the shift to more natural gas and solar generation.“We know our computer system is old and we have got to replace it,” Garza said Monday of new software estimated to cost $250 million.
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