The Salt River Project board approved a price decrease Monday that will result in lowering customer bills by an average of 1.1 percent beginning in May.
The pricing plan reduces two components of SRP’s electric prices and will be in effect for the six summer billing months in 2013, saving a typical residential customer about $1.72 per month, according to information provided by SRP.
One of the price components covers program costs related to meeting renewable-energy and energy-efficiency standards, and complying with environmental mandates.
The second component recovers fuel costs incurred to generate electricity as well as power purchases to serve customer needs.
According to SRP, the lower-than-expected costs, totaling $20.5 million, resulted from higher-than-expected year-to-date electricity sales to customers, lower-than-planned costs on multiple fronts, and other cost savings.
SRP is the third-largest public power utility in the country, serving about 970,000 electric customers.