CPS Energy

What CPS Energy does

CPS Energy is the largest municipally owned electric and natural gas utility in the United States, founded in 1860 and wholly owned by the City of San Antonio. The utility serves more than 899,000 electric customers and 399,000 natural gas customers across Bexar, Comal, Guadalupe, and Medina Counties in South-Central Texas, delivering power through an extensive transmission and distribution system and natural gas through more than 6,200 miles of underground pipelines. It is governed by a Board of Trustees appointed by the San Antonio City Council and operates as a regulated monopoly within its service territory, with rates set through a board-approved rate request process rather than market pricing.

The company's core technology stack combines regulated utility infrastructure with an emerging modernization layer: a 900 MHz private LTE wireless network (built under a $13M spectrum deal with Anterix) for grid automation and outage detection, hydrogen-blending capable natural gas generation assets (1,632 MW acquired from ProEnergy for $1.39B), utility-scale battery storage (120 MW Alamo City BESS plus a 500 MW RFP toward a 1,000+ MW Vision 2027 target), 150 MW of new solar under long-term PPAs, and a nuclear microreactor partnership with Joint Base San Antonio. Customer-facing products include the Manage My Account portal, an outage center with multi-channel alerts, commercial demand response, community solar, weatherization rebates, and payment-assistance programs.

CPS Energy's business model is subscription-recurring revenue from regulated retail electricity and gas distribution, supplemented by rapidly growing large-load (data center) revenue ($110M from 21 data centers today, with demand projected to grow from ~324 MW to 3,300+ MW by 2033). The customer base spans residential, commercial and industrial, large-load/data center, and adjacent municipal and military segments. Recent strategic activity centers on generation M&A, grid modernization, energy transition assets, and cross-jurisdictional infrastructure partnerships (e.g., Corpus Christi desalination).

Name

CPS Energy

Legal name

CPS Energy

Website

https://cpsenergy.com

Company type

Private

Founded year

1860

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

CPS Energy is the largest municipally owned electric and natural gas utility in the United States, wholly owned by the City of San Antonio. It serves over 899,000 electric customers and 399,000 gas customers across Bexar, Comal, Guadalupe, and Medina Counties in Texas, with a regulated monopoly franchise and growing large-load (data center) demand.

Ownership category

akta.pro rank

Product category

Electric and Gas Utility

NAICS

Utilities (22), Electric Power Generation, Transmission and Distribution (2211), Natural Gas Distribution (221210), Electric Power Generation (22111)

SIC

Electric, Gas & Sanitary Services (4900), Electric Services (4911), Natural Gas Distribution (4924)

akta.pro primary industry

Local Distribution Company (LDC) Natural Gas Distribution Utilities (TLAGADAA)

akta.pro secondary industry

Captive & Embedded Gas-Fired Power Generation (Industrial/Commercial CHP) (EUALALAB)

Keywords

• Electric utility services
• Natural gas distribution
• Municipal power generation
• Regulated energy retail
• Grid energy storage

Headquarters

HQ city

San Antonio

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D

Revenue model

1. Retail electricity distribution and sales: CPS Energy generates the majority of its revenue through retail electricity sales to residential, commercial, industrial, and large load customers (including data centers) within its service territory. As a municipally owned utility, revenues fund operations, infrastructure, and city contributions rather than shareholder returns.
2. Natural gas distribution: CPS Energy delivers natural gas to over 399,000 customers across Bexar, Comal, Guadalupe, and Medina Counties via over 6,200 miles of underground pipelines. Revenue is derived from gas delivery charges and gas cost adjustments passed through to customers.
3. Large load / data center power agreements: CPS Energy currently powers 21 data centers generating $110 million in revenue, with 59 future projects in planning stages. Revenue from large-load customers is growing rapidly as data center demand is projected to surge from roughly 324 megawatts to over 3,300 megawatts by 2033.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

CPS Energy is a municipally owned electric and natural gas utility that generates, transmits, and distributes electricity and natural gas to residential, commercial, industrial, and large-load customers (including data centers) across Bexar, Comal, Guadalupe, and Medina Counties in South-Central Texas. It supplements these core utility services with energy efficiency, demand response, community solar, weatherization rebates, payment assistance, and outage management offerings.

Product overview

CPS Energy is a municipally owned utility providing electricity and natural gas services to the San Antonio region. The company operates as a single unified utility service with various customer-facing programs and platforms including online account management, outage tracking, demand response, solar programs, and financial assistance initiatives. These offerings function as integrated components of the core utility service rather than separate product modules.

Differentiator

Problem solved

Functional benefit

Products and services

• Residential and Commercial Electricity Service Regulated electric generation, transmission, and distribution service delivered to approximately 899,000 residential, commercial, and industrial customers across Bexar, Comal, Guadalupe, and Medina Counties in Texas.
• Natural Gas Service Regulated natural gas distribution service provided to more than 399,000 residential, commercial, and industrial customers across the same South-Central Texas service territory.
• Commercial Demand Response Program A demand-side management program that allows commercial and industrial customers to voluntarily reduce electricity usage during peak periods in exchange for incentives, helping CPS Energy manage grid load and integrate large flexible customers.
• Community Solar Program A shared solar program that enables residential and commercial customers to subscribe to a portion of a community solar project and receive credits on their utility bill without needing rooftop installation.
• Casa Verde Weatherization Rebate Program An energy efficiency rebate program that provides residential customers with incentives for whole-home weatherization measures such as insulation, air sealing, and related upgrades to lower energy usage.
• Payment and Customer Assistance Programs Bundled billing and assistance offerings, including budget billing, payment extensions, and bill assistance for income-qualified residential customers facing hardship.

Quantifiable outcome

• Acquisition of 1,632 MW of natural gas generation at $850/kW (vs $2,000-$2,500/kW new construction), potentially saving San Antonio customers $2-$4 on monthly electric bills
• +4 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

13 partnerships are on record, tiered core, strategic, minor and supporting.

• OCI EnergycoreStrategic or Co-development Partner · 25 June 2026OCI Energy is developing the Alamo City Battery Energy Storage System (120 MW/480 MWh) in Bexar County, Texas under a long-term Storage Capacity Agreement with CPS Energy. The project broke ground on May 19, 2026, with commercial operation expected in 2027. This is one of the largest standalone battery storage projects in the region.
• Joint Base San Antonio (JBSA)strategicStrategic or Co-development Partner · 8 May 2026CPS Energy announced a partnership with Joint Base San Antonio to support the development of a nuclear microreactor at the military installation. The U.S. Air Force, in conjunction with the Defense Innovation Unit, selected JBSA as the third potential location for the project, with Antares Nuclear chosen to develop and operate the microreactor.
• Ashtrom Renewable EnergycoreStrategic or Co-development Partner · 12 March 2026Ashtrom Renewable Energy is developing the El Patrimonio solar project (150 MW near San Antonio, Texas) under a 20-year Power Purchase Agreement with CPS Energy. CPS Energy will offtake approximately 70% of the project's electricity output, with the remainder sold in the Texas open electricity market. Construction began in 2025 with completion expected in 2027.
• AnterixcoreTechnology or Integration · 30 January 2026Anterix signed a $13 million spectrum sale agreement (50% upfront, 50% payable Q4 2027) with CPS Energy for 900 MHz broadband spectrum. The transaction enables CPS Energy to deploy a private LTE network for mission-critical utility operations including advanced grid automation and faster outage detection. CPS Energy became the first utility to advance under Anterix's funding program.
• GridStorminorStrategic or Co-development Partner · 18 December 2025GridStor is acquiring the Hidalgo County BESS from developer Balanced Rock Power and is developing the Gunnar Reliability Project in ERCOT's Lower Rio Grande Valley. Separately, CPS Energy issued a 500 MW BESS RFP under its Vision 2027 Generation Plan, which GridStor may respond to.
• ProEnergycoreStrategic or Co-development Partner · 24 September 2025CPS Energy completed its $1.39 billion acquisition of a 1,632 MW power generation portfolio from ProEnergy in Southeast Texas, adding 34 generators (two-thirds equity in WattBridge, a ProEnergy subsidiary). The plants feature hydrogen-blending capabilities and can power over 408,000 homes.
• LG Energy Solution VertechcoreTechnology or IntegrationLG Energy Solution Vertech is supplying battery storage technology for the Alamo City BESS project (120 MW/480 MWh) being developed under a long-term Storage Capacity Agreement with CPS Energy.
• Elgin Power SolutionscoreImplementation/ SI/ Consulting PartnerElgin Power Solutions is serving as the EPC (Engineering, Procurement, and Construction) contractor for the Alamo City BESS project being developed under a long-term Storage Capacity Agreement with CPS Energy.
• Black & VeatchsupportingImplementation/ SI/ Consulting PartnerBlack & Veatch serves as technical advisor for the Alamo City BESS project being developed under a long-term Storage Capacity Agreement with CPS Energy.
• SOLV EnergycoreImplementation/ SI/ Consulting PartnerSOLV Energy is the construction partner for the El Patrimonio solar project being developed by Ashtrom Renewable Energy under a 20-year PPA with CPS Energy. This is the first joint project between Ashtrom and SOLV Energy in Bexar County.
• VIA Metropolitan TransitsupportingStrategic or Co-development PartnerCPS Energy, in partnership with VIA Metropolitan Transit, EDL, and Republic Services, has been supplying renewable natural gas (RNG) to fuel San Antonio's public bus fleet since 2021. The project processes waste gas from a local landfill to fuel nearly 450 compressed natural gas buses, with over half of VIA's fuel supplied by RNG in 2024.
• Antares NuclearsupportingTechnology or IntegrationAntares Nuclear was chosen to develop and operate the nuclear microreactor at Joint Base San Antonio under a partnership between CPS Energy, the U.S. Air Force, and the Defense Innovation Unit.
• Corpus ChristisupportingStrategic or Co-development PartnerCorpus Christi City Council authorized staff to work with CPS Energy to explore developing a seawater desalination project at CPS Energy's Barney Davis power plant as the city faces a critical water emergency. The project is part of Corpus Christi's nearly $1 billion water efforts.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Austin Energy: City of Austin's municipally owned electric utility serving ~500,000 customers in Central Texas. Closest direct peer given shared municipal governance, Texas service territory, and similar customer mix, though Austin Energy is electric-only.
• Los Angeles Department of Water and Power (LADWP): The largest municipal utility in the United States, serving ~1.5 million electric customers in Los Angeles. Comparable as a large, municipally owned utility with a diversified generation portfolio and similar regulatory/customer-service dynamics, though LADWP is electric-only and tied to water operations.
• Sacramento Municipal Utility District (SMUD): California's largest municipal electric utility serving ~700,000 customers. Direct peer as a community-owned utility pursuing aggressive clean energy targets with a similar customer-service and program-driven operating model.
• JEA (Jacksonville Electric Authority): Municipally owned combined electric, water, and wastewater utility serving Northeast Florida with ~500,000 electric customers. Closest peer structurally as a community-owned combined utility under a board appointed by city council, similar to CPS Energy's governance model.
• CenterPoint Energy: Investor-owned Houston-based utility providing electric transmission/distribution and natural gas to customers across Texas and the Midwest. Direct peer in Texas with overlapping electric and gas distribution franchises, though investor-owned rather than municipal.
• Oncor Electric Delivery Company: Texas's largest regulated electric transmission and distribution utility, serving over 10 million customers across the state. Direct peer for CPS Energy's electric T&D operations and Texas grid integration work, though transmission-only without retail or gas services.
• Tennessee Valley Authority (TVA): Federal corporation providing electricity across Tennessee and six surrounding states, serving ~10 million people. Comparable as a large public-power utility with generation, transmission, and distribution across a multi-county service territory and a similar mission-driven mandate.

Broad incumbents

• Xcel Energy: Multi-state investor-owned utility serving ~3.7 million electric and 2.1 million gas customers across eight Western and Midwestern states. Comparable combined electric/gas operator and was co-recognized with CPS Energy in the 2025 E Source Website Benchmark, indicating overlapping customer-excellence practices.
• ConEdison: Investor-owned combined electric, gas, and steam utility serving New York City and Westchester County. Comparable as a large regulated combined utility with high customer density, though investor-owned, geographically distant, and focused on dense urban service territory.
• Duke Energy: One of the largest U.S. investor-owned utilities serving ~8.4 million electric and 1.7 million gas customers across the Carolinas, Florida, Ohio, Kentucky, and Indiana. Comparable combined electric/gas operator with significant regulated rate base, but at materially larger scale and with a profit-driven rather than community-ownership mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cpsenergy
• YouTubeyoutube.com/user/CPSEnergyvideo
• Facebookfacebook.com/cpsenergy
• LinkedInlinkedin.com/company/cps-energy
• Instagraminstagram.com/cpsenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CPS Energy