Idaho Falls Power customers won’t see a rate increase in the coming year
The following is a news release from Idaho Falls Power.
IDAHO FALLS — As summer winds down and East Idaho prepares for the colder fall and winter months, Idaho Falls Power users can expect good news when they turn on their thermostats.
Already some of the lowest rates in the country, Idaho Falls Power has announced that there will be no increase in power rates for the coming year. In addition to not raising rates, Idaho Falls Power customers will also be seeing a credit on their power bills in the form of a Power Cost Adjustment.
Each year IFP estimates the amount of electricity needed for the coming year. As the year progresses, if market conditions are favorable and water levels are high enough to generate excess power, the utility is able to sell that excess power on the market.
“While we can’t control the wholesale market or snow pack, we have definitely been the beneficiary of some very favorable conditions over the past few years,” said Bear Prairie, General Manager Idaho Falls Power. “The surplus power generated during favorable water flow years helps bring in additional revenues that offsets our rates. When we have favorable market conditions combined with better water flow, we get really excited when we can credit the extra revenues we generate back to our customers.”
This is the fourth consecutive year that IFP customers have seen a Power Cost Adjustment, or PCA. This year’s PCA totals nearly $1.5 million. Over the course of the last four years IFP has rebated an additional $5.6 million back to customers. Residential ratepayers can expect their cost for power to remain at .0625 cents per Kilowatt Hour (KWH). The PCA refund will be a separate line item on their power bill and will come in the form of a credit that will be applied to their power charge.
“Idaho Falls residents are incredibly fortunate that we have one of the best public power utilities in the entire nation right here in Idaho Falls,” said Mayor Rebecca Casper. “It is even more remarkable when you consider that we provide those low rates while at the same time maintaining a 100 percent carbon free energy portfolio. That is an incredible benefit to the residents of Idaho Falls.”