The Utah Public Service Commission has approved a $15.6 million decrease in Rocky Mountain Power’s customer electricity bills. The decision comes after the energy company achieved lower fuel and electricity purchase costs than previously forecast.
The Utah Public Service Commission has approved a $15.6 million decrease in Rocky Mountain Power’s customer electricity bills. The decision comes after the energy company achieved lower fuel and electricity purchase costs than previously forecast. The overall rate decrease is 0.8 percent, which includes about $6.84 in annual savings for a typical Utah residential customer.
“This decision reflects Rocky Mountain Power’s efforts to keep energy prices as flat as possible,” said Bob Lively, Utah regulatory affairs manager for Rocky Mountain Power. “We will continue to work to provide customers with some of the lowest energy costs in the country.”
The commission approves customer prices based partially on the expected costs of fuel and electricity purchases. Rates are subsequently adjusted after it is determined whether the actual costs went up or down. This year the costs included charges associated with the closure of the Deer Creek mine.
Rocky Mountain Power also made a commitment to the commission to help interested parties and regulators to better understand the benefits of participation in the Energy Imbalance Market (EIM). The market allows energy companies to buy and sell electricity every five minutes, taking advantage of rate fluctuations. During 2015 PacifiCorp and its customers received an estimated $26.2 million in benefits from the EIM.