Idaho Falls Power (IFP) has announced there will be no increase in power rates for the coming year.
In addition to that, IFP said customers would also see a credit on their power bills in the form of a Power Cost Adjustment.
The power company estimates the amount of electricity it will need each year and, if market conditions change and water levels are high enough to generate excess power, the utility is able to sell that excess power on the market and adjust rates lower.
“While we can’t control the wholesale market or snow pack, we have definitely been the beneficiary of some very favorable conditions over the past few years,” said Bear Prairie, General Manager of Idaho Falls Power. “The surplus power generated during favorable water flow years helps bring in additional revenues that offsets our rates. When we have favorable market conditions combined with better water flow, we get really excited when we can credit the extra revenues we generate back to our customers.”
It is the fourth straight year IFP has seen a power cost adjustment. According to IFP, this year’s PCA totals nearly $1.5 million. Over the course of the last four years, IFP has rebated an additional $5.6 million back to customers.
“Idaho Falls residents are incredibly fortunate that we have one of the best public power utilities in the entire nation right here in Idaho Falls,” said Mayor Rebecca Casper. “It is even more remarkable when you consider that we provide those low rates while at the same time maintaining a 100 percent carbon free energy portfolio. That is an incredible benefit to the residents of Idaho Falls.”