SRP may hike rates this year to stay in the black - East Valley Tribune: Business

SRP may hike rates this year to stay in the black

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Posted: Monday, April 9, 2012 10:17 am | Updated: 8:48 am, Thu Apr 12, 2012.

Electricity rates for Salt River Project customers may be going up this year.

An SRP official tells the Arizona Republic ( the nonprofit agency expects to lose $17 million in the fiscal year that begins next month unless it raises rates.

Chief Financial Executive Aidan McSheffrey says he doesn't know how much rates will need to increase.

The utility tries to maintain positive cash flows so it can invest in new facilities and subsidize water delivery costs.

The utility earned $203 million in its last complete fiscal year and expects $136 million profit in the fiscal year that ends this month.

SRP is not a regulated utility like Arizona Public Service, so it can raise rates at will. It provides power to more than 900,000 customers in the Phoenix area.

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