Idaho Power Customers Could See Rates Go Down Starting In June
Customers of Idaho Power could see their bill go down in the coming year.
Regular, residential customers would see their monthly power bill go down by about 60 cents per month. While not a lot, the decrease would indicate a trend of downward rates at Idaho Power. As the utility files its fourth rate adjustment with regulators, it’s proposing collecting about $40 million less from ratepayers.
Larger customers would see more dramatic savings. The power company would adjust those rates down by 5 - 7%. The four rate adjustments Idaho Power has filed with the Public Utilities Commission are all still pending. If they get approved, the new, lower rates would go into effect June 1.
According to the Times News, last year saw low natural gas prices as well as generally lower costs for power delivery. The utility is proposing to pass along those savings to customers by way of its annual Power Cost Adjustment. The adjustment considers two primary factors: actual costs from the previous year and forecasts for the coming one.
Idaho Power is asking to collect $50 million less through the program. The utility also expects to sell more surplus power this year after joining the Western Energy Imbalance Market.
A $5 million revenue sharing credit to Idaho Power ratepayers is also included in the adjustment. When the utility sees earnings over 10%, it shares a portion of the proceeds with customers.
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