El Paso Electric seeking nearly $12 a month residential rate hike

EL PASO, Texas -- El Paso Electric Co. said Wednesday it was seeking permission from state regulators to raise electric rates for Texas residential customers by over 13%, in what would amount to an average monthly bill increase of $11.76 for the typical homeowner.

The rate hike request, which was filed with the Public Utility Commission of Texas, seeks to recoup a portion of what EPE outlined as almost a billion dollars worth of investments in its power generation, transmission, and distribution system.

Some of that investment was tied to preparing for extreme weather, the utility noted. While much of the state of Texas suffered power outages stemming from a severe storm this past winter, EPE's electric grid remained reliable.

The timing of EPE's filing coincides with the opening of a PUC-specified period only once every four years for such rate increase requests.

“We are sensitive to the timing of this filing, but we must act according to the process, rules and procedures set forth by the PUC," said El Paso Electric President and CEO Kelly Tomblin.

The PUC is likely to take from six months up to a year to decide on whether to grant the rate increase, the utility company estimated.