The Business Journal has the full story. 

Arizona Public Service Co. got about half of the 4 percent rate increase it was looking for from the Arizona Corporation Commission.

The $65 million in new rates approved is less than the $115 million APS had requested for an interim increase, but commissioners sought to balance the concerns of ratepayers — many of whom contacted the ACC to oppose the increase — with the potential that the utility’s bond rating could fall and hamper its ability to grow.

Along with cutting back the proposal with amendments from Commissioners Jeff Hatch-Miller and Kris Mayes, the ACC included a stipulation that APS cut $20 million from its operations, likely by the time the full rate case goes before the commission next summer.