U.S. Markets close in 1 hr 30 mins

Black Hills Power rates going up 6.4 percent

RAPID CITY, S.D. (AP) -- Black Hills Power says the South Dakota Public Utilities Commission has approved a settlement that will increase electric rates 6.4 percent.

The Rapid City-based company says the annual revenue increase of $8.8 million is the result of an agreement involving Black Hills Power, PUC staff and other parties.

It filed a request in December to increase rates by 9.94 percent and was allowed to implement that adjustment on an interim basis June 16.

Since the approved increase is lower, rates billed to customers will be reduced on Oct. 1 to the 6.4 percent and charges for service between June 16 and Sept. 30 will be recalculated. Customer bills will be credited with the refund starting in November.

Black Hills Power is a subsidiary of Black Hills Corp.