Utah-based Rocky Mountain Power is proposing a rate increase of 10.6 percent by 2013, a hike that will raise energy bills of customers in Idaho.
Rocky Mountain Power already hiked prices by 6.78 percent, a change that took effect on the first of this year. The new plan would raise residential rates by 5.5 percent on January 1, or about $4.84 more a month, according to Local News 8. The company would up rates again by 5.1 percent in 2013, or about $4.74 more a month.
The price hike is still a far cry from the company’s initial proposal of 15 percent, requested back in May. Public Hearings held in June and September have apparently convinced Rocky Mountain to dial things back a bit.
The company cited demand and higher production costs as the reason for the most recent increase. To save money, Rocky Mountain has already reduced general and administrative costs by 32 percent between 2006 and 2010, so the rate increase isn’t their only cost-saving measure.
The proposal still must be approved by the Idaho Public Utilities Commission, who will issue an official decision around late December.
[via Local News 8]