The increase in what's known as the 'power supply adjustment' would take effect Feb. 1 if regulators at the Arizona Corporation Commission approve it.
Arizona Public Service Co. is asking state utility regulators to boost its customers' bills by about $20 a month to pay for all of the natural gas it fed its fleet of power plants in the past year.
that as of October it had $456 million in fuel expenses above and beyond the money it collects from customers each month earmarked for fuel."These costs have risen significantly and are not going away. It's only going to get worse," APS spokeswoman Jill Hanks said."Typically, prices go up and down and this has been a steep angle up, and it doesn't look like that is going to change.
Then they could readjust rates in a year to continue paying down the undercollected amount. A third option would have a similar effect on customer bills. These options would leave customers with a guaranteed rate hike at the end of 2023 to continue paying for fuel used in 2022, let alone fuel to be used between now and then.
Experts have cited the increased use of natural gas in place of coal, hotter summers, a lack of storage and increased exports to Europe as reasons the U.S. natural-gas prices are on the upswing. SRP also voted to forgo $124 million that was spent on the fuel, or basically write it off rather than charge customers for it.$460 million rate hike the company requested in October
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