Idaho Power submitted its annual power cost adjustment proposal to the Idaho Public Utilities Commission earlier this week, requesting a total rate increase of $140.4 million. Because of the amount of the increase, Idaho Power is providing IPUC with an option to mitigate the amount.
If IPUC adopts the mitigation, the price increase to customers would be $87.9 this year, with the remaining $52.5 million deferred until next year. The unmitigated total would result in an overall rate increase of 15.34 percent for customers, while the mitigated total would result in a 9.6 percent increase.
Idaho Power Vice President of Regulatory Affairs Greg Said stated in a release there were two significant factors to the increase amount. One was hydropower generation that was 1.8 million MWh lower than the forecasted amount, and the other was lower actual market energy prices compared to forecasted prices.
Said added Idaho Power will not file a general rate case in 2013.