SRP looks to increase utility rates by November

PHOENIX - A utility that serves more than 950,000 customers in south-central Arizona wants to increase its prices for electricity.

Salt River Project's management is proposing changes that the utility says would result in an overall annual average increase of 4.8 percent effective Nov. 1.

SRP says a typical residential power customer's monthly bill would increase by $7.14 if the board of directors approves.

The utility says it hasn't raised its prices in more than two years and that it needs more revenue to cover rising costs.

It says those include investments in new equipment, paying for renewable energy sources and making federally mandated improvements to a generating station.

SRP is scheduling open houses and a public comment session on the increases in August. Its board will vote Sept. 27.