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The proposed power plant and energy storage facility would occupy a former coal plant.
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A memorandum from Columbia Utilities said customers will see a 44 cent increase in base charges.
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Hydropower accounts for nearly 30% of utility-scale renewable energy in the U.S., but federal hurdles may prevent older hydroelectric plants from staying online and new projects from getting off the ground.
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Gov. Mike Kehoe vetoed $11 million in funding that would have gone toward the city's wastewater expansion project.
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Thursday's town hall in Joplin was the fourth in a series this month in the area.
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Energy infrastructure can both cause, and be severely affected by, wildfires.
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On Thursday, the city of Columbia announced Erin Keys would step into the role of Utilities director starting on Sunday.
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The Water Utility attributed the discolored water to upgrades at the McBaine Water Treatment Plant.
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35% of customers could see significant increases in water utility rates, while 65% may see slight decreases.
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State regulators approved a 12% markup set to take effect while energy demand for cooling increases.