“Electricity rates are going up around Puget Sound to various degrees as the region’s utilities cope with the chaotic wholesale power market.But for the time being, Whidbey Island residents won’t see a dramatic rate hike.A 1.5 percent rate increase for Puget Sound Energy customers will take effect Jan. 1, approved long ago by the state Utilities and Transportation Commission under PSE’s 1997 rate-stability plan.Unlike many utilities in Washington and California, Puget Sound doesn’t rely on the wholesale market, said Bill Gaines, the utility’s vice president of energy supply.Right now our loads and resources are in relative balance, Gaines said.While some predict wholesale electricity prices could jump to 20 times normal rates, the average PSE customer’s bill will increase from $74.13 to $75.25, the Bellevue-based utility says.Since PSE is the utility that serves Whidbey Island electricity customers, that’s good news for island residents and businesses. But with rates rising dramatically around the rest of the region, it may only be a matter of time until higher power costs hit home locally.The region, meanwhile, could face a 3,000- to 4,000-megawatt shortage in January, said Paul Norman, director of power marketing for Bonneville Power Administration.And not all utilities are sheltered from market upheaval stemming from weather, California’s deregulation of the wholesale energy market and populations increases that have not prompted expansion of power-generating capacity.The Tacoma City Council has approved a 43 percent surcharge for Tacoma Power’s residential customers. The unpopular 6-3 decision Tuesday is expected to increase the average electricity bill from $85 to $124. It will boost small-business rates by 40 percent and those for larger businesses by 58 percent to 74 percent.The surcharge is essential if the utility is to manage in the current red-hot market, utility managers said. Without it, reserves could be tapped by the end of February.Tacoma Power originally sought an 86 percent surcharge on residential rates. The utility halved its request due to public outrage and lack of council support _ but may return to the council for more in February if electricity use holds steady and prices keep rising.On another energy front, Puget Sound Energy is seeking a 25 percent increase in natural-gas rates, spokeswoman Dorothy Bracken said. If that boost is approved in January, the average customer’s gas bill would increase from $64 a month to $80. “