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Regulators approve Idaho Power tax benefit settlement

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Regulators approve Idaho Power tax benefit settlement

The Idaho Public Utilities Commission has approved a settlement stipulation filed by Idaho Power Co., co-signed by the PUC staff and a third-party intervenor, to reflect rate changes resulting from the impact of the 2017 federal tax overhaul.

The settlement includes an $18.7 million annual reduction in base rates and a non-cash offset of $7.4 million of regulatory deferrals that would have otherwise been a future potential liability of customers, according to a June 1 filing.

The settlement also includes a one-time power cost adjustment benefit of a $7.8 million rate reduction for the period from June 1, 2018, through May 31, 2019, for the income tax savings accrued from Jan. 1, 2018, to May 31, 2018, and income tax benefits related to a transmission tariff. On June 1, 2019, the power cost adjustment benefit will reduce to $2.7 million and cease on June 1, 2020.

Additionally, the settlement also indefinitely extends, with certain changes, an October 2014 settlement that was due to expire at the end of 2019.

Idaho Power is a subsidiary of IDACORP Inc.