BOISE, Idaho (AP) — State officials have approved an Idaho utility company's plan to close a coal-fired power plant in Nevada about 10 years sooner than planned and raise monthly bills for customers.

The Idaho Public Utilities Commission announced Monday a settlement with Idaho Power to close the North Valmy Generating Station near Valmy, Nevada, by 2025. The average Idaho Power residential customer in southern Idaho will see an increase of about $1.20 per month. The company is seeking a similar agreement for its eastern Oregon customers.

The increased rates will allow Idaho Power to recover depreciation costs based on the shorter lifespan of the power plant. Idaho Power co-owns the plant with Nevada-based NV Energy. Idaho Power says closing the plant early will save customers money.

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