FOR IMMEDIATE RELEASE
SRP Board Approves $18.8 Million Price Decrease
Electric Prices to be Reduced by about 1% for 6-Month Period Starting in May
Salt River Project’s Board of Directors today approved a temporary decrease in electricity prices for more than 1 million SRP customers effective with the May-through-October 2018 billing cycles.
Prices will be decreased by approximately 1 percent under the $18.8 million temporary reduction, the third such decrease proposed by management and approved by the SRP Board in the last three years.
The decrease will save the typical SRP residential customer an average of $1.56 per month during the six-month period when temperatures and electric bills are the highest of the year. The actual impact on monthly SRP electric bills will vary according to customer usage.
Prices will return to original winter season prices approved in 2015 beginning with the November 2018 billing cycle.
The temporary decrease in the Fuel and Purchased Power Adjustment Mechanism (FPPAM) reflects lower natural gas costs. The FPPAM, a component of overall prices, recovers fuel costs incurred to generate electricity as well as power purchases to serve customer needs.
In addition to natural gas sources, SRP is continually exploring new approaches that effectively reduce environmental impacts at a reasonable cost. About one-third of SRP retail energy sales are now met with a mix of carbon-free sources such as solar, wind, geothermal, biomass, hydropower, nuclear and energy efficiency. SRP is also one of the first utilities in the nation to establish comprehensive sustainability goals to the year 2035.
Additionally, SRP offers numerous price plans to fit customers' lifestyle and budget and to help them make smart choices about water and energy use. More information about the various price plans as well as efficiency and rebate programs to help SRP customers save energy and money are also available at www.SaveWithSRP.com.
SRP has consistently been among the top-ranked utilities in the nation for reliable electric service and customer satisfaction. In the annual J.D. Power survey of electric customers for residential electric service, SRP has been rated first among Large electric utilities in the western United States for 16 consecutive years. Last week, in the 2017 American Customer Satisfaction Index for municipal, cooperative and investor-owned gas and electric providers, SRP was ranked first in customer satisfaction among all utilities in the Municipal utilities category.
SRP is a community-based, not-for-profit public power utility and the largest provider of electricity in the greater Phoenix metropolitan area, serving more than 1 million customers. SRP also is the metropolitan area’s largest supplier of water, delivering about 800,000 acre-feet annually to municipal, urban and agricultural water users.