AUSTIN (KXAN) — Austin Energy customers will soon see some relief on their monthly bill after several previous increases. The department announced a 5% decrease to the Power Supply Adjustment (PSA) rate, beginning Oct. 1.
Residential customers can expect a $2 monthly decrease, according to a memo. AE said the cost reduction stems from lower power costs this summer and the full recovery of the PSA under-recovered balance.
Despite higher power costs amidst scorching August heat, AE reported that Electric Reliability Council of Texas costs were lower than the past two years.
The news of a decrease follows several rounds of PSA increases, most recently in March, when AE applied a 5% increase. The utility company also implemented a 5% increase just two months earlier in January. This time last year, AE had instituted four separate price hikes over the previous year.
AE policy restricts rate adjustments of more than 5%.
Despite predicting under-recovery throughout the summer season, AE said it over-recovered costs by $13.3 million. This brings the over-recovery balance to $32.9 million, continuing AE’s momentum to resolve its under-recovered balances, which totaled $102 million in November 2022.
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