PHOENIX — Editor's Note: The above video is from an earlier broadcast.
Salt River Project, one of the largest utility providers in the Valley, announced Monday it was raising its costs for customers.
The SRP Board of Directors has approved a cost increase that will take effect in November and will result in customers paying, on average, $5.58 more each month in their utility bill.
SRP plans to implement another cost increase in November 2023.
SRP says the cost increases are primarily driven by higher costs to procure natural gas to operate its generating stations and increasing electricity demand during the summer months.
"Fuel and purchased power expenses have increased faster than SRP had adjusted, and SRP’s under-collection balance was $306 million at the end of July 2022," SRP wrote in a statement.
The SRP board voted to forgo collecting from customers $124 million of the existing under-collected balance of fuel costs, in an effort to reduce the financial impact on customers.
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