Idaho Power wants to raise its rates by more than 7% next year. But first, it’ll have to get approval from the state agency that regulates utility companies.
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Idaho Power filed an application in late May to raise its overall electricity rates by 7.31%, for an annual revenue increase of $99.29 million. If the request is approved as is, the average residential customer, using about 950 kilowatt hours a month, would see their monthly bill rise by $7.48, according to the filing .
The Idaho Public Utilities Commission can approve, deny or modify the application.
The latest filing comes before the PUC less than a year after Idaho Power won approval in a separate case to hike its overall rates by 4.25%, for a revenue increase of $54.7 million. It had initially asked for 8.61%, or $111 million.
Idaho Power argued in that case that it needed the increased revenue to recoup money it spent on infrastructure additions over the last decade. The Boise company said it had invested more than $3 billion in the grid while its customer base grew by 23%. Before last year, the utility had not asked for a general rate increase since 2011.