El Paso Electric Rates Increase, But Less Than Initially Proposed
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El Paso Electric customers will experience a rise in their monthly bills following a decision by state regulators, though the increase will be lower than the utility's original request. Starting in January 2025, average bills are expected to rise by approximately $13.71, compared to the nearly $23 initially sought by El Paso Electric. This marks the first rate increase in five years, justified by the utility as necessary for infrastructure improvements. The Public Utility Commission of Texas modified the proposal, reducing the requested return on equity from 10.7% to 9.4%. City officials intervened in the process, managing to secure savings for residents, although the exact impact on bills remains uncertain. Additionally, El Paso Electric is pursuing a new natural gas plant to support Meta Platforms, with costs initially covered by the tech company.
Key Details: • Rate increase effective January 2025, averaging $13.71 per month. • El Paso Electric's original request was nearly $23 per month. • Public Utility Commission reduced return on equity to 9.4%. • City intervened to secure savings for residents. • El Paso Electric plans to build a $473 million natural gas plant.