Idaho Power Seeks Rate Increase to Fund $1 Billion Grid Investment

Idaho Power has filed a limited scope rate case with the Idaho Public Utilities Commission (IPUC) requesting an overall base rate increase of $99.29 million, or 7.31%, for Idaho customers. This increase aims to recover costs associated with infrastructure investments and labor expenses not included in the company's last rate case but will benefit customers by the end of 2024. The IPUC will evaluate this request over the next several months, and any changes will not take effect until January 2025 or later.

The limited case is designed to balance timely cost recovery with customer affordability and reliability. Idaho Power plans to invest nearly $1 billion in its electrical grid in 2024 and an average of nearly $800 million annually over the next five years to meet growing customer demand and maintain a safe, reliable electrical system. The goal is to minimize customer impact compared to a broader general rate review, with Idaho Power's prices currently 20% to 30% lower than the national average.

If approved as filed, the average Idaho residential customer using 950 kilowatt-hours per month would see a monthly bill increase of about $7.48.

The proposed impacts vary depending on customer classification, the rate they pay, and the final decision by the IPUC. Oregon customers are not affected by this filing. The proposal is subject to public review.