00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Arizona Public Service is proposing a 45% electricity rate increase for large energy users,
00:08primarily data centers, and a roughly 14.5% hike for residential customers to fund grid
00:15upgrades driven by the AI boom, according to the Wall Street Journal. The utility,
00:19which serves the Phoenix area, says the increases are needed to cover the cost of new power plants
00:24and transmission lines required by rapidly expanding data centers. Microsoft, which operates
00:29three facilities in Phoenix's West Valley, argues it pays its own way and wants permission to build
00:34its own power generation. Consumer advocates, Arizona's attorney general, and Phoenix's mayor
00:40warn that residents could be left subsidizing the AI buildout if the sector cools. Arizona's five
00:46elected utility commissioners are expected to set new rates later this year. For all things money,
00:51visit Benzinga.com.
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