The cost of keeping your lights on is going up.
On Friday, the Iowa Utilities Board preliminarily approved MidAmerican energy’s plan to increase rates by $135 million over three years.
The first of the increases took place in August when rates jumped on average by $2.73 a month.
Similar size increases would follow in 2015 and 2016. The exact amount is still being determined.
In approving the increases the Iowa Utilities Board placed some requirements on MidAmerican. Among them, a $200 cap on annual increases for residential home owners and a $1,500 dollar cap for businesses.
MidAmerican is also restricted from requesting another rate increase until 2018.
“Overall I think it`s a fair decision for all the right pairs in the state,” Libby Jacobs of the Iowa Utilities Board said. “It will be very difficult to implement just because there are many different pieces to it. But I think we`re all up to that challenge as well.”
MidAmerican Energy is reviewing the new requirements. Final approval of the plan is expected next month.
The last time the rate went up was in 1995.