SAN ANTONIO — The San Antonio City Council passed a resolution supporting CPS Energy’s plan to keep customer bills affordable.
The press release says CPS Energy is trying to protect its customers from the excessive costs of the Texas Winter Storm.
CPS Energy's plan includes options like
- Seeking federal and state financial and policy assistance
- regulatory intervention
- other avenues, including negotiations.
"All of these avenues are being pursued and to date have included the legal action CPS Energy has taken against the Electric Reliability Council of Texas (ERCOT) to prevent excessive purchased power charges to CPS Energy and its customers that relate directly to the winter event," the release says.
City Council has also approved an ordinance granting CPS Energy the authority to seek up to a $500 million line of credit to provide liquidity, if needed over the short-term, which will reportedly further support operations.
"The utility will only utilize this line of credit when it is needed and, if utilized, the debt will have no negative financial impact on the City or customers' bills, and can be accommodated within CPS Energy’s existing financial plan," the release says.
CPS Energy says they will continue to challenge, where necessary, the costs incurred during the winter event.
“The action taken by the City Council today supports the efforts of CPS Energy to protect its customers and provide the financial tools to keep our utility strong as it moves forward with challenging illegitimate charges,” said Erik Walsh, San Antonio City Manager.
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