USA, Arizona:

Geothermal Power Helps Arizona Utility Lower Proposed Rate Hike (Phoenix Business Journal)

Arizona utility Salt River Project (SRP) announced Monday it has reduced the proposed rate increase that its board of directors will vote on later this month.

Salt River Project stated in a press release that the new proposed increase would be an average 3.9 percent above what electric users pay now. The original proposal – made early this summer – was for an average increase of 4.8 percent.

The decrease in the proposed price change came about because SRP plans to sell some of its energy output from the Hudson Ranch Geothermal Plant (John L. Featherstone Plant) in Southern California’s Imperial Valley, Chief Financial Executive Aidan McSheffrey stated in the release. The purchase will reduce by $9.1 million SRP’s expenses for its Environmental Programs Cost Adjustment Factor in fiscal year 2013 and $14.7 million in fiscal year 2014.
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