Under the plan, the utility will receive $99m in construction-work-in-progress funds for the rest of 2013.
The multi-year rate plant will create a rate increase between 12% and 13% for residential customers, who will use 1,000kw per month, starting in April.
According to PSC figures, the average residential customer uses about 1,100 kw/h per month and power bills are expected to rise by $20 per month, according to utility estimates.
In 2014, rates will rise by another 3%, which will take the total rate increase associated with CWiP to 15%.
The total rate impact over the life of the seven-year plan and the bond issuance is expected to peak at 22%.
