“Rising costs, higher interest rates and changes to our customer mix, all contribute to the timing and the amount of our request.”
BISMARCK, ND — (KXNET) The North Dakota Public Service Commission (PSC) held a public input meeting on Thursday, June 20 to hear a formal proposal from Otter Tail Power Company that requests a rate increase for their customers living in North Dakota.
If the proposal were to be approved by PSC Commissioners, residential customers could see a $15 increase in their monthly electric bills.
The power company is also asking for a $38 per month increase in rates charged to farms, and a $45 increase for their business customers.
During the hearing, Jessica Fyhrie, Manager of Regulatory Procedures for Otter Tail Power Company, presented a proposal for increased rates to commissioners. “The North Dakota Public Service Commission established our current rates six years ago, based on 2018 costs,” she explained. “Rising costs, higher interest rates and changes to our customer mix, all contribute to the timing and the amount of our request.”
Along with conducting a financial audit of Otter Tail Power Company, the PSC will also hold additional hearings over the coming months before making a final decision on whether to approve or disapprove raising electric rates.