SRP customers can expect higher power bills later this year

SRP customers in the Valley can expect higher power bills beginning in November.

Salt River Project is planning a rate hike of around $12 a month, with residential customers paying on average about 8% more.

The utility's executive board approved two increases last year, and bills last November increased by nearly 5%.

Learn more about the rate hikes here.

SRP says the hikes are a result of rising natural gas costs.

"This is due to the addition of new renewable and battery storage projects, including some that have become more expensive because of supply chain disruptions, as well as higher costs associated with procuring natural gas and long-term purchased power commitments needed to ensure reliability," officials said in a news release.