Yesterday, CPS Energy celebrated a significant milestone in its history. On that same day in 1942, the City of San Antonio purchased what was then the San Antonio Public Service Company for $34 million. The community-owned company, now known as CPS Energy, returns up to 14 percent of its revenues to the City’s general fund. Last year, that amounted to $336 million. Over the course of 75 years, revenues paid to the City have totaled $7 billion.
What does that mean for people living and working in San Antonio? First and foremost, they get reliable and affordable power. Second, almost every dollar for that power stays right here in this community. The funds help pay for City services such as police, fire, libraries, parks, and more. Consequently, the City doesn’t have to create revenue through property tax increases and major hikes in services, or divert budget dollars from needs like street or drainage projects.
The value of CPS Energy to this community cannot be understated. Keeping the lights on and gas flowing for about 2.4 million people in the Metro area*, and powering businesses that employ roughly a million people* is the energy company’s daily commitment. It was our commitment back in 1860, and it remains so today.
The Chamber congratulates CPS Energy on their 75th anniversary. We can’t wait to see what the future holds for this amazing and innovative organization.
*Source: San Antonio Economic Development Foundation