In a startling turn of events, Austin Energy and many long-term rate adversaries announced an agreement with most of the interveners in the Austin Energy Rate Case, ending a dispute that goes back several years. The settlement, which will be reviewed by the Council next week, ensures that nearly all of the intervenors, many of whom had raised objections with the legislature, will not appeal to the PUC and will not seek relief from the state legislature until 2020. Under the terms of the settlement, Austin Energy has agreed to cut its revenues by $42 million and pass that onto its ratepayers in the form of rate relief.

“A lot of people worked really hard to deliver rate relief. No one thought we could do it. Today, it got done,” said Mayor Adler. “Congratulations to Austin Energy, Samsung, NXP and all the other rate payers who worked together to accomplish this important agreement.”