Idaho Public Utilities Commission approves Idaho Power's rate increase for 2024

BOISE, Idaho (CBS2) — Idaho Power will increase rates starting in January.

The Idaho Public Utilities Commission approved a settlement that allows Idaho Power to increase rates beginning in January.

The Commission worked to balance the customers' desire for a lesser rate increase and the cost Idaho Power incurs to provide safe and reliable services at a fair rate of return for the company.

The Commission approved $54.7 million instead of Idaho Powers' initial proposal of $111,304,981 million, finding that the settlement would allow sustainable operations and reduce the effects on customers.

Customers can expect an increase from $5 to $10 on their monthly bill through 2024 and another increase from $10 to $15 in 2025.

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