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HomeMy WebLinkAbout20210415News Release and Customer Notice.pdf<ilmroPoi,R- An IDAOOf,P Company NEWS RELEASE ldaho Power Files Annual Power Cost Adjustment April 15,2021 BOISE, Idaho - ldaho Power has filed the final piece of its annual spring cost adjustments with the ldaho Public Utilities Commission (IPUC). This yea/s Power Cost Adjustment (PCA) calls for a price increase of S39.1 million across all customer classes. Overall, ldaho Power's prices remain about 20% lower than the national average for residential customers and 30% lower for business customers. ldaho Power understands some customers are stil! facing hardship from the pandemic and remains committed to helping those struggling with their bills. Expanded payment arrangement options are available to help customers with past-due balances. Customers can callthe Customer Care team at 208-388-2323 or 1-800-488-6151to help set up payment arrangements or learn more about bill assistance. Neither ldaho Power nor its shareholders receive any financial return from this filing - money collected is used to either recover costs or credit benefits associated with annual fluctuations in power costs. These typically represent approximately one-fourth to one-third of the company's annual cost of serving customers. The overall impact to customer bills for residential and smallgeneral service customers is dependent on the outcome of the following two filings: The annual PCA, filed today, is a cost-recovery tool that passes on both the benefits and costs of supplying energy to ldaho Power customers. !f the PCA proposal is approved by the IPUC as filed, the typical ldaho residential customer using 950 kilowatt-hours (kwh) of energy per month wif l see a 52.57 increase on their bill related to this request, beginning June 1. The annual Fixed Cost Adjustment (FCA), filed in March and applicable to only residentialand small commercial customers, adjusts prices based on changes in energy use per customer during the previous year. lf the FCA proposal is approved as filed, a typical residential customer will see an increase of 50.37, beginning June 1. The impact of these two filings is shown in the table. A typical ldaho residential customer will see an overall monthly increase of 52.94. The actual percentage of change will depend on a custome/s class and the rate they pay. P.O. 8or 70 Gt707) l22l W. H.ho tt. Boirc, tD E370ll a a 2021RATE FIUNGS Percentoge Chonge from Current Billed Revenue Filing Revenue Change (millions) Residential Small General Service Large General Service r Large Power z lrrigation FCA Sz.r 0.38o/o 0.38%N/A N/A N/A PCA Sgg.r 2.660/6 2.t2Yo 3.740/o 4s7%3.44% Combined lmpact a $4]-.2 3.04%2.50Y,3,74%4s7%3.44% r lncludes lighting schedules; z lncludes special contracts The PCA has two main components: the forecast and the true-up. The forecast reflects ldaho Powe/s anticipated fuel costs, purchased power costs and customer benefits from sales of surplus energy for the coming Aprilthrough March. The true-up brings last yea/s forecasted costs in balance with costs actually incurred by the company by looking back at what happened the previous Aprilthrough March. The increase in this yea/s PCA is primarily attributed to a smaller credit to customers through the true- up component. ln addition, this yea/s PCA forecast reflects expected increases to power costs primarily due to weaker forecast water conditions, which would result in less low-cost hydro generation available to serve customers, as well as higher costs associated with power purchase agreements under the Public Utilities Regulotory Policy Act of ,978 (PURPA). Opportunities for Public Review ldaho Power's proposal is subject to public review and approval by the IPUC. Copies of the application are available to the public at the IPUC offices (11331 W. Chinden Blvd. Building 8, Suite 2OL-A, Boise, lD 837L4l,ldaho Power offices, or at idahooower.com or puc.idaho.gov. Customers also may subscribe to the IPUC's RSS feed to receive periodic updates via email about the case. Written comments regarding ldaho Power's proposal may be filed with the IPUC. About ldaho Power ldaho Power, headquartered in vibrant and fast-growing Boise, ldaho, has been a locally operated energy company since 1916. Today, it serves a 24,000-square-mile area in ldaho and Oregon. The company's goalto provide 100% clean energy by 2045 builds on its long history as a clean-energy leader that provides reliable service at affordable prices. With 17 low-cost hydroelectric projects at the core of its diverse energy mix, ldaho Power's residential, business and agricultural customers pay among the nation's lowest prices for electricity. lts 2,000 employees proudly serve more than 580,000 customers with a culture of safety first, integrity always and respect for all. IDACORP lnc. (NYSE: IDA), ldaho Powe/s independent publicly traded parent company, is also headquartered in Boise, ldaho. To learn more, visit idahopower.com or idacoroinc.com. Jordan Rodriguez Com mu nications Specialist irodriguez@ idahopower.com 208-388-2450 Opportunities for Public Review ldaho Power's proposal is subject to public review and approval by the IPUC. Copies of the application are available to the public at the IPUC offices (11331 W. Chinden Blvd. Building 8, Suite 20'l-A, Boise, lD 83714),ldaho Power offices, or at idahopower.com or puc.idaho.gov. Customers also may subscribe to the IPUC's RSS feed to receilre periodic updates via email about the case. written comments regarding ldaho Power's proposal may be filed with the IPUC. ldaho Power Files Annual Power Cost Adjustment ldaho Power has filed the final piece of its annual spring cost adjustments with the ldaho Public Utilities Commission (IPUC). This year's Power Cost Adjustment (PCA) calls for a price increase of $39.1 million across all customer classes. Overall, ldaho Power's prices remain about 20% lower than the national average for residential customers and 30olo lower for business customers. ldaho Power understands some customers are still facing hardship from the pandemic and remains committed to helping those struggling with their bills. Expanded payment arrangement options are available to help customers with past-due balances. Customers can call the Customer Care team at 208-388-2323 or 1-800-488-6151 to help set up payment arrangements or learn more about bill assistance. Thank you for reading this notice. We value your business. sltmroPo,l,ER"O Printed on recycled paper. An loAcoRP comDany @2021 ldaho Power 31 1 80-r-01 30 Neither ldaho Power nor its shareholders receive any financial return from this filing - money collected is used to either recover costs or credit benefits associated with annual fluctuations in power costs. These typically represent approximately one-fourth to one-third of the company's annual cost of serving customers. The overall impact to customer bills for residential and small general service customers is dependent on the outcome of the following two filings: . The annual PCA, filed April 15, is a cost-recovery tool that passes on both the benefits and costs of supplying energy to ldaho Power customers. lf the PCA proposal is approved by the IPUC as filed, the typical ldaho residential customer using 950 kilowatt-hours (kwh) of energy per month will see a $2.57 increase on their bill related to this request, beginning June 1. o The annual Fixed Cost Adjustment (FCA), filed in March and applicable to only residential and small commercial customers, adjusts prices based on changes in energy use per customer during the previous year. lf the FCA proposal is approved as filed, a typical residential customer will see an increase of $0.32 beginning June 1 The impact of these two filings is shown in the table. A typical ldaho residential customer will see an overall monthly increase of $2.94. The actual percentage of change will depend on a customer's class and the rate they pay. nevenue Change(milliotrs) Small G?nrral service LargeG.neral Serui(cl The PCA has two main components: the forecast and the true-up. The forecast reflects ldaho Power's anticipated fuel costs, purchased power costs and customer benefits from sales of surplus energy for the coming Aprilthrough March. The true-up brings last year's forecasted costs in balance with costs actually incurred by the company by looking back at what happened the previous April through March. The increase in this year's PCA is primarily attributed to a smaller credit to customers through the true-up component. ln addition, this year's PCA forecast reflects expected increases to power costs primarily due to weaker forecast water conditions, which would result in less low-cost hydro generation available to serve customers, as well as higher costs associated with power purchase agreements under the Public Utilities Regulatory Policy Act of 1978 (PURPA). i!- - lrrigation $2.1 0.38% 0.38% N/A N/A N/A $39.1 2.660/o 2J2% 3.74Yo 4.97o/o 3.44% $41.2 3.04o/o 2.50o/o largeBcsldGntlal I lncludes lighting s(hedules; r lncludes special contracts FIXED COST ADJUSMENT (FCA) POWER COST ADJUSMEnT (PCA) COMBINED IMPACT 3.74%4.97olo 3.440h 3StmHO POI'I,ER /.,tll),, l1 . fi r, t ldaho Power Files Annua! Power Cost ldaho Po,\aer has filed the final piece of is annual spring cost adjusfnents with the ldaho tublic Ljtilities Commission (IRJC). This year's Forver Cost Adjustment (rcA) calb for a price increase of $39.1 million acrocs all customer dasses. Overall, ldaho Poriver's prices remain about 20olo krvrer than the national average for residential orstomers and 30% lovver for business customers. ldaho Poner understands some customers are still lacing hardship from the pandemic and remairs committed to helping those strugg[ng with their bills. Expanded payment anangement options are available to help customers with past-due balances. Customers can call the CusOmer Care team at 20&388-2323 or 1-800-488-6151 to help set up payment arrangements or leam more about bill asristance. Neither ldaho Poarer nor fu shareholders receive arry financial retum from this filing - money collected is used to either recorer costs or oedh benefits associated with annual fluctuations in porer costs. Ttpse typicalv represent approximately one-fourth to one-third of the company's annual cost of serving customers. The o€rall impact to customer bills for residential and small general servke customers is dependent on the outcome of the follorving two filings: . The annual PCA, filed April 15, is a cost-recovery tool that pass6 on both the b€rEfits and costs of supplying energy to ldaho Poiver customers. lf the PCA proposal is approved by the IPUC as filed, the typical ldaho residential custome( using 950 kilo\ilatt-hours (kwh) of energy per month will see a ,2.57 increas€ on their bill relaed to this request, beginning June 1. . The annual tixed Cost Adjustment (FCA), filed in March and applicable to ont residential and small commercial customers, adiusts prkes based on changes in energy ue per customer during the previous year. lf the FCA proposal is approved as filed, a typical residential customer will see an increase of $0.37, beginning June '1. The impact of tfiese two filings is shown in the tabh. A typical ldaho residential customer will see an werall monthly increase of t2.94. The actual pocentage of change will depend on a customer's dass and the rate they pay. {*,? }.m i tarmtn $2.1 0.38% 0.38o/o N/A N/A N/A $39.1 2.66% 2.12o/o 3.74o/o 4.97oh 3.44oh Cdtiruedo GEeide $ar.2 1 3.oa% : z.lo% i 3.zl* a.971 I 3.44% r Ir!ludc! lighlirg srlrcdul$,j lil(l!des spr( al !0rlradt ldaho Power Files Annual Power Cost Adjustment Continued frch teveBe tide The PCA has two main components: the forecast and the true-up. The forecast reflects ldaho Powefs anticipated fuel costs, purchased power costs and customer benefits from sales o{ surplus energy for the coming April through March. The true-up brings last year's forecasted costs in balance with costs actually incurred by the company by looking back at what happened the prB/ious April through March. The inoease in this year's PCA is primarily attributed to a smaller oedh to customers through the true-up component. ln addition, this year's PCA forecast reflects expected increases to poruer costs primarily due to weaker forecast water conditions, which would resuh in less lorv-cost hydro generation available to serve customers, as well as higher costs associated with power purchase agreements under the tublic Wil* Regulatory tulicy Aa of ,978 (PURPA). SttmloPo,l,ER. An IoACORP Compeny PRE.SORTED 'TANOARDU-S, POSTAGT PAID BOt5t. tD ItRMtT NO.679 Opportunities for Public Review ldaho Power's proposal is subject to public review and approval by the IPUC. Copies of the application are available to the public at the IPUC offices (1133'l W. Chinden Blvd. Building 8, Suite 201-A, Boise lD 83714), ldaho Power offices, or at idahopower.com or puc.idaho.gov. Customers also may subscribe to the IPUC'S RSS feed to receive periodic updates via email about the case. Written comments regarding ldaho Powefs proposal may be filed with the IPUC. Thank you for reading this notice. We value your business. P.O. Box 70 (83707) 1221 W. ldaho 5r. Borse, lD 83702 lmoortantlnformation:Pbare ilote: W€ wafit to ensure a[ of our customers hrve suffichrt time to submit comments to the lruC. Because your bill is processed to\ilard the end of the IPUC's radew of our request, you will receive thb notification twice: first in this postcard and then in an insert in your bill later this month.