Wyoming PSC approves 5.9 percent net price drop for Rocky Mountain Power
Effective this month, the Wyoming Public Service Commission (PSC) has approved new rates for Rocky Mountain Power customers that include an average 3.5 percent decrease due to the federal Tax Cuts and Jobs Act, and a 2.4 percent for an annual energy cost adjustment.
Together, they will bring an average net price change of 5.9 percent to customers, which will take various forms. For residential customers, bills will on average decrease 3.1 percent, meaning around $25.44 per year, while industrial customers could see decreases as high as 8 percent for large general service and 8.4 percent for transmission voltage.
“Wyoming enjoys some of the most reliable and affordable power in the nation, making the state a very attractive destination for companies looking for a competitive advantage,” Sharon Fain, Rocky Mountain Power vice president for Wyoming, said. “Our future plans will continue to provide Wyoming and her communities with a competitive edge, the right tools, and strategy to achieve the best outcome.”
The move maintains Rocky Mountain Power as the lowest-cost major electric utility in the Intermountain Western United States and at rates more than 10 percent lower than the average price in Wyoming. Benefits from the Tax Cuts and Jobs Act will continue for Rocky Mountain’s customers for the next three years, offsetting investments made over the last five years.
In total, the PSC approved an increase of 1.1 percent for Rocky Mountain Power’s existing rates, or approximately $7 million. On average, the company spends more than $660 million annually to provide electric service. The difference was offset by $29.9 million, with interest, from the federal tax adjustment. The energy cost adjustment was made to account for the difference between forecast and actual power costs.
