Idaho Power Company filing could mean rate hike

BOISE, Idaho (KIFI/KIDK)-Idaho Power Company has filed a Power Cost Adjustment (PCA) which could cost customers about $4.03 per month.

The PCA filed with the Idaho Public Utilities commission this week will adjust rates to coincide with the actual cost of producing electricity for Idaho Power customers.

Idaho Power says it decided to move ahead with the $58.7 million increase at this time, because the company felt it necessary to recover known costs that might otherwise impact operations and create uncertainty in the financial community.

The company said it was aware of the economic pressures facing many of its customers. The utility has voluntarily suspended disconnects for residential and small commercial customers and waived associated late fees to help those in need.

If approved by the Idaho Public Utilities Commission, the rate increase would not benefit the company or its shareholders financially. The rate adjustment is used to either recover costs or credit benefits associated with annual fluctuations in power costs.

Idaho Power said the filing reflects the return to a more normal level of power supply costs as market energy prices have come down from unusually high levels. Last year's adjustment also included $7.7 million in one-time customer benefits associated with revenue sharing and tax reform, which is soon due to expire.

You can learn more about the company's filing at the Idaho Public Utilities Commission website.