San Antonio’s chief financial officer has a plan to reinvest CPS Energy profits back into the utility to help stave off future rate increases.
CPS Energy shares 14% of its revenue with the city — the equivalent of a private company sharing its profits with its shareholders — which accounts for Still, as council members gathered to set their goals for the coming year’s budget this week, Gorzell arrived with an idea he believes can take the first step in that direction.
Under this plan, Gorzell said the city would have socked away $4.9 million so far this year for rate hike mitigation. While that’s hardly enough to stop CPS Energy leaders from coming back to council for their next anticipated hike, it’s something he thinks has big potential to grow in the coming years.