Credit rating firm says APS deal on rate boost helps company

By The Associated Press

A top credit ratings firm says an agreement between Arizona's largest electric utility and solar and consumer advocates that allows it to avoid a fight over increasing rates is a positive for the company.

 

PHOENIX (AP) — A top credit ratings firm says an agreement between Arizona's largest electric utility and solar and consumer advocates that allows it to avoid a fight over increasing rates is a positive for the company.

Moody's Investors Service calls the settlement reached by Arizona Public Service Co. "a significant and credit-positive step" that should allow state regulators to approve a rate increase by mid-year.

Moody's says in a Monday research note that the deal lets APS charge an extra $87 million a year and cut lag-time between investments and rate increases.

A typical homeowner will pay $6 more a month, below the $11 APS wanted. A plan to charge everyone more during peak periods was dropped but new rooftop solar customers will get less for excess power sold back to APS.

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