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Tuesday, April 17, 2012 - 1:12pm
EL PASO — City Council voted unanimously on a $15M settlement with the El Paso Electric Company Tuesday. The agreed upon annual rate decrease will be effective for May bills.
The rate decrease translates into a residential decrease of $1.5 million annually in the form of a credit to their summer electric bills ($0.83 per residential customer using 600 kWh) and $13.5 (approximate) most of which will be for Commercial and Industrial Classes.
The last time EPE had a decrease in rates was in 1998.
EPE had initially filed for a $26M rate increase in the case but after months of reviewing documents submitted by EPE and hours of discussions, the negotiated settlement proposal will come at no cost to the ratepayers and benefits residents, current businesses and future business prospects.
EPE has also committed to provide up to an additional $2.2 M towards an economic development incentive program.
All of the expenses related to the case will be covered by EPE and not passed onto the ratepayers.
The settlement is a significant victory for the City of El Paso in assisting the entire community and furthering economic development of the overall region.
Details of the entire agreement are outlined in the fact sheet attached.