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Salt River Projects proposes temporary decrease in electricity prices

Salt River Project management is proposing to its board a six-month, $18.8 million decrease in electricity prices for its more than 1 million customers.

The utility said the temporary decrease in the fuel and purchased power adjustment mechanism was due to natural gas costs trending lower, according to a March 13 news release.

If approved by the SRP board of directors, the approximately 1% price reduction would be effective with the May through October 2018 billing cycles. Electricity prices will return to the original winter season prices with the November billing cycle.

"Given the current market conditions, we are passing on the cost savings directly to our customers during summer billing months for the third year in a row," SRP General Manager and CEO Mark Bonsall said.