SaskPower has been given the green light to raise rates an average of 5.5 per cent this year and another 5 per cent in 2015.

It's the first time the province's Rate Review Panel has approved increases for multiple years.

However, the panel rejected SaskPower's bid for a third increase — 5 per cent in 2016 — saying its finances could change by that time, so it will have to apply again.

The increases for 2014 would be retroactive to Jan. 1. They've already been implemented on an interim basis, the Rate Review Panel said.

The increases must still get final approval by Premier Brad Wall's cabinet.