SALT LAKE CITY — Rocky Mountain Power is seeking a rate decrease to the tune of $14.6 million.
Rocky Mountain Power officials announced in a news release Thursday that they're asking Utah regulators for the decrease in customer electricity bills, which would mean an annual reduction of nearly $7 for an average customer using about 700 kilowatt hours each month.
The regulation request comes after Rocky Mountain Power's energy balancing account, which consists of the difference between the company's actual and projected fuel costs, was $6.5 million or 0.3 percent less than last year, officials said.
Rocky Mountain Power also found customers should receive a reduction of about $8.1 million or 0.4 percent difference between actual and projected renewable energy credit revenues, company officials said.
“Our goal is to provide reliable electricity at the lowest prices possible,” said Joelle Steward, Rocky Mountain Power's director and rates and regulatory affairs manager. “This adjustment is one of the ways we make sure our customers are not overcharged.”
In its applications to the Utah Public Service Commission, Rocky Mountain Power is asking to make the rate changes for the energy costs on May 1 and the rate changes for renewable energy credits beginning June 1, company officials said.
Rocky Mountain Power also expects seeking another rate decrease for customers later in the year when the balance from the last energy balancing account has been fully recovered, according to company officials.
Last year, the Utah Legislature approved the Sustainability Transportation and Energy Plan Act, which allows the utility to recover 100 percent of fuel and purchase power costs needed to provide electricity to customers, beginning June 1, 2016.
As a result, customers are seeing an additional $1 million in lower costs.