Posted on October 1, 2012 at 2:30 PM
Monday, Oct 1 at 6:41 PM
SAN ANTONIO -- San Antonio residents won’t see an increase in their electric rates, CPS Energy officials said Monday.
In a presentation to CPS Energy's Board of Trustees, CEO Doyle Beneby said the public utility can absorb more than $70 million in additional costs without passing it along to consumers.
Instead, cost-saving measures, including the elimination of 240 jobs, will stave off any rate increase until 2014.
Beneby said attrition and retirements will account for 100 of those lost jobs. Many of the other 140 positions just won’t be filled.
Beneby stopped short of saying there is a hiring “freeze.”
The summer heat also helped profits soar this year for CPS Energy.
Still, the utility is projecting a 5 percent rate increase in 2014 and another 4.75 percent increase in 2016. The utility postponed rate hikes in 2011 and 2012.
Beneby credits his employees and their cost-saving measures for allowing the power company to postpone any rate increases.
CPS Energy doled out $16.4 million dollars in bonuses to its employees in May. Beneby said such incentives keep the workers satisfied and productive.
CPS Energy is recognized as the largest, municipally-owned utility in the nation.