BOISE, ID – Idaho Power Company, a subsidiary of IDACORP Inc (NYSE:IDA)., will implement new tariff schedules that will result in a 3.7% increase in annual Idaho-jurisdictional retail revenue, translating to an additional $50.6 million.
This rate adjustment is set to take effect on January 1, 2025, as per the order from the Idaho Public Utilities Commission (IPUC) issued on December 31, 2024.
The rate case, filed by Idaho Power on May 31, 2024, was a limited scope proceeding that sought to address revenue requirements associated with incremental plant additions and ongoing labor costs. The IPUC's decision allows Idaho Power to adjust rates to reflect these additional expenses.
The Order from the IPUC is publicly accessible on their website and marks a significant regulatory update for Idaho Power. While the increase is approved, the Order does not restrict Idaho Power from proposing further rate cases in the future.
Lisa A. Grow, President and Chief Executive Officer of both IDACORP and Idaho Power, signed the SEC filing on January 2, 2025, formalizing the report of these events. The new rates are expected to impact all Idaho-jurisdictional retail customers of Idaho Power.
IDACORP (NYSE:IDA), listed on the New York Stock Exchange, is the parent company of Idaho Power. Both companies are headquartered in Boise, Idaho, and operate in the electric services industry.
This news is based on a recent 8-K filing with the Securities and Exchange Commission.
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