The Arizona Corporation Commission has approved a settlement agreement signed by Arizona Public Service Co. (APS) and 21 other parties to the company's retail rate case.
The settlement reinforces the company's commitment to renewable energy through initiatives, including building a wind project in the state, and fosters conditions conducive to the creation of green jobs for Arizona.
‘APS and the other parties to the case worked with the commissioners to address a wide range of customer needs and to secure a clean, sustainable energy future for Arizona,’ says Don Brandt, APS chairman and CEO. ‘As a result of this agreement, 10 percent of APS's resources will come from renewable energy by the year 2015.’
The commissioners approved the agreement with modifications and obligations for APS that will not materially affect the overall economic terms of the settlement. When combined with the annual change to the company's fuel adjustment rate, the net impact on current residential bills beginning Jan. 1, 2010, will be approximately 0.5%, according to APS.
Average monthly residential bills for 1,170 kWh will increase by $0.64, from $132.87 to $133.51, after the first of the year. The agreement insulates certain limited-income customers from the rate increase and augments the company's existing low-income bill assistance program by up to as much as $8 million.
SOURCE: Arizona Public Service Co.