Idaho Power customers to see rate increase in January. See how much more you might pay

Idaho Power just won approval from its state regulator to raise electricity rates in the new year.

The utility company, which serves much of southern Idaho, is set to raise its overall base rates by 4.25%, for an annual revenue increase of $54.7 million, according to an order from the Idaho Public Utilities Commission posted Thursday.

Beginning Jan. 1, the average residential customer using 950 kilowatt hours per month will see their monthly bill increase by about $4.44, to $111.69 a month, a spokesperson for Idaho Power told the Idaho Statesman. The company’s fixed service charge for residential customers will also increase, to $10 from $5 in 2024 and then to $15 in 2025, according to the order.

The base rate cost is listed on residential customers’ bills as an “energy charge.” Bills also have separate service and other charges.

Idaho Power initially requested to raise rates by 8.61%, for a revenue increase of $111 million, but those numbers were cut in half through settlement negotiations with the company and its stakeholders.

The Boise company last asked for a general rate increase in 2011, when it won approved for a rate hike of 4.07%, about half of what it had first requested.

Idaho Power has said the rate increase this time around is to recoup costs the company has spent on infrastructure additions over the last decade, which its President and CEO Lisa Grow says is “necessary to reliably serve our growing customer base.”

The company said it invested more than $3 billion in the grid over the past decade. Meanwhile, its customer base grew by 23%.

Idaho Power expects to raise home electricity rates. See how much more you may pay

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