The Arizona Corporation Commission has approved a requested APS rate hike at a meeting Thursday evening with a 4-1 vote.
As of Thursday night, APS officials continue to work on the data but preliminary information shows an 8% increase and a range of $10-12 a month for the typical residential customer.This move comes after APS also got another rate hike approved just last year.
Last year, Arizona state utilities saw a surge in demand as temperatures soared to record levels over the summer. That heat helped drive a 22% increase in third-quarter profit for Pinnacle West Capital Corp., the publicly traded company that owns APS. In a third-quarter earnings call, Jeff Guldner, president and CEO of Pinnacle West Capital, said APS set five new peak energy demand records during July."Today marks the completion of a more than a year-long public process on how APS will continue to provide our approximately 1.4 million customers with reliable and resilient power.
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