IDACORP Requests $99.29M Rate Increase

Idaho Power has filed a limited scope rate case with the Idaho Public Utilities Commission (IPUC), requesting an overall base rate increase of $99.29 million, or 7.31% for Idaho customers. This request only focuses on recovering costs associated with infrastructure investments and labor expenses that were not included for collection in the company’s last rate case but will be benefiting customers by year-end 2024.

If approved as filed, the average Idaho residential customer using 950 kilowatt hours per month would see a monthly bill increase of about $7.48. The proposed percentage changes from the current base revenue for different customer classifications are as follows: Residential: 7.25% increase Small General Service: 7.30% increase Large General Service: 6.83% increase Large Power: 6.50% increase * Irrigation: 9.50% increase

Idaho Power plans to invest nearly $1 billion in its electrical grid in 2024 and an average of nearly $800 million annually over the next five years to meet growing customer demand and maintain a safe, reliable electrical system. The company aims to balance timely cost recovery with customer affordability and reliability, and remains committed to affordability, with prices 20% to 30% lower than the national average.

Idaho customers can expect potential changes to their bills if the request is approved, and the IPUC will evaluate the request over the next several months. However, Oregon customers are not impacted by this filing. Opportunities for public review and comments on Idaho Power's proposal are available through the IPUC.

Idaho Power, headquartered in Boise, Idaho, serves a 24,000-square-mile area in Idaho and Oregon, with a goal to provide 100% clean energy by 2045. The company's 2,100 employees serve more than 630,000 customers, focusing on safety, integrity, and respect for all. Today the company's shares have moved 2.6% to a price of $95.47. For the full picture, make sure to review IDACORP's 8-K report.

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