Idaho Power has filed a general rate case with the Idaho Public Utilities Commission (IPUC), requesting an overall rate increase of $199.1 million, or 13.09%. The increase includes $73 million for energy production and storage resources, $53 million for grid investments, $25 million for wildfire resilience, $20 million for labor, and $28 million for other investments.
If approved, the average Idaho residential customer using 900 kilowatt-hours per month would see a monthly bill increase of about $21.66. The proposed increase in residential service charge is from $15 to $25, with the intent to collect a larger portion of a customer's monthly bill through the fixed charge rather than the variable energy charge.
The requested percentage changes from current billed revenue for different customer classifications are as follows: Residential * 17.35%, Small General Service * 17.31%, Large General Service 1 * 7.26%, Large Power 2 * 8.22%, and Irrigation * 17.32%.
Idaho Power's filing is subject to public review and approval by the IPUC, and customers can participate in the proceedings. The company serves a 24,000-square-mile area in Idaho and Oregon, with 17 low-cost hydroelectric projects at the core of its energy mix. As a result of these announcements, the company's shares have moved -1.41% on the market, and are now trading at a price of $117.275. If you want to know more, read the company's complete 8-K report here.
