Idaho Power Wants to Raise Rates
BOISE, Idaho (AP) — Idaho’s biggest utility is asking state regulators for permission to hike residential electric rates by 8 percent to help make up more than $140 million in lower-than-projected revenue. Idaho Power Co. filed the rate increase Monday as part of its annual cost adjustment.
The company’s proposal calls for raising nearly $88 million this year from every sector of its customer base. Another $52.5 million in rate increases would be deferred to next year. In addition to the higher electric rates, irrigators would pay 9.65 percent more if the Public Utilities Commission approves.
Company officials say the increase is necessary after low stream flows reduced hydropower production last year. The company also made less than expected when it sold power, because of cheaper prices on the open market. State regulators have 45 days to review the request.