Rocky Mountain Power has proposed a stipulated settlement to resolve disputes from a 2024 general rate case, a deal that includes a $2 billion investment plan for Utah and a commitment to rate stability through 2028. The proposal, which is currently awaiting review by the Utah Public Service Commission, aims to provide cost certainty for families and businesses while avoiding prolonged litigation.
Under the terms of the agreement announced June 30, 2026, average residential customers are expected to see a net decrease in their bills of 6.4% overall. While the settlement includes a 4.2% increase in general rates effective July 1—representing a $3.44 increase for an average residential customer—this is offset by a 10.6% decrease in energy charges. This adjustment to the Energy Balancing Account is expected to reduce a typical residential customer's monthly bill by approximately $11.
The proposed settlement includes several regulatory and financial protections designed to maintain consumer interests. These include an earnings test intended to ensure the utility does not over-earn, alongside a commitment that the company will not file another general rate case with rates effective during the stability period ending in 2028. Rocky Mountain Power President Dick Garlish stated the outcome is a balanced result that delivers stable and predictable costs and reliable service to the communities the company serves.
Governor Spencer Cox expressed support for the settlement on July 1, 2026, noting that Utah maintains some of the lowest electricity rates in the nation. Cox stated that the agreement helps preserve that competitive advantage by providing rate certainty for residents and businesses while supporting the necessary investments for a reliable electric grid. The Governor characterized the agreement as an encouraging step following months of work to find common ground among stakeholders.
