Regulators approved the cost adjustment Friday for rates in seven separate cases.
Overall, the PUC calculates the adjustment represents a 0.9 percent increase for all customer classes, though residential customers will see a reduction of about 0.34 percent.
Idaho Power is allowed to adjust its rates up or down to reflect its annual cost of providing electricity. The utility's power costs vary each year depending on river flows through its series of hydropower dams and costs of buying power from wind farms or on the wholesale market.
The company sought the increase to offset $70 million in extra costs.