Summer Shocker: This Idaho Utility Wants To Raise Prices
If the stock market values resembled the inflation rates, none of us would have to worry about our 401ks. However, inflation continues to rise, and Idahoans seeing less return for their hard-earned dollars. Summertime means higher fuel prices as most of us who can afford to will take a vacation or catch a flight to a favored destination.
However, you need clarification if you thought you'd get a break on your power bill. Idaho Power has requested a rate hike that will increase your account by $11.06 a month, according to the company in their release on the rate increase.
Idaho Power attributes the need to charge more to higher costs for natural gas, reduced hydropower, and insufficient coal to offset the difference. The company has asked the Idaho Public Utilities Commission to approve the Power Cost Adjustment. Idaho Power points out that their rates are consistently twenty to thirty percent lower than the national average.
We understand times are tough for many, and we are sensitive to the impacts price increases have on our customers," said Ryan Adelman, Vice President of Power Supply. "Unfortunately, our power supply costs were higher this past year because of continued drought conditions, high natural gas prices, and fuel supply challenges, and we must recover those costs to maintain the reliable service our customers depend on."
The fuel cost is also expected to rise due to OPEC reducing supply and the president deciding not to open up any domestic drilling or utilize the Keystone Pipeline. The Biden Administration continues to drive America away from fossil fuel consumption towards so-called renewable energy sources.
Idaho Power has been in business since 1916. They continue to strive towards a 100% renewable energy goal by 2045.
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