Wyoming Public Service Commission has approved a rate hike for Rocky Mountain Power residential customers, resulting in an average increase of $14 on monthly electric bills starting in June. The utility cited fossil fuel market volatility, rising insurance costs for wildfire liability, and investments in renewable energy as reasons for the increase. The settlement agreement reduced the original request for a $123.5 million increase to $85.5 million, with potential minor changes in calculations.
Commissioners acknowledged the challenges of affordability and the impact of changing market forces on utility costs. Customers have already faced rate increases in January 2024 and fuel cost adjustments over the past two years. The approved rate hike settlement may not prevent future rate increases, prompting the panel to encourage Rocky Mountain Power to address unresolved issues with stakeholders.
These issues include deciding on systemwide expenses and infrastructure investments among the six states where PacifiCorp operates, as well as planning for expensive wildfire liability insurance and litigation costs. PacifiCorp is considering a corporate realignment to better respond to differing state energy policies. The utility is urged to engage in discussions with stakeholders to address these complex challenges.
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