EL PASO, Texas - El Paso City Council approved a settlement after months of negotiations between El Paso Electric and the City on a rate hike for customers.
In February, the utility company proposed a nearly $40-million dollar rate increase, arguing it needed to recover its investment in the new power station at Montana and Zaragoza.
Monday, the City and EPE settled on a $14.5 million dollar increase, $25.5 million less than the figure the utility originally asked for.
The original proposal was to increase a homeowner's monthly bill by more than $9.
Instead, the average residential customer will pay anywhere from $3 to $5 more a month.
Solar customers - an attempt to create a whole new rate class for solar customers - was rejected as part of the settlement.
The settlement still needs to be filed with administrative law judges. A final order is expected to be issued later this year.