Power Rates Going Up
The Public Utilities Board has approved a rate increase of 6.8% for Newfoundland Power customers.
Effective July 1, 2018, rates will increase.
Newfoundland Power says this rate increase is the net result of a flow-through adjustment to Newfoundland Power’s customer electricity rates resulting from a ruling on Newfoundland and Labrador Hydro’s Interim Rates Application related to its 2017 General Rate Application and the annual review of the Rate Stabilization Account.
Newfoundland Power purchases approximately 93% of its energy supply from Hydro. Hydro’s Interim Rates Application increases the wholesale electricity rates paid to Hydro by Newfoundland Power and are not currently included in electricity rates.
Residential electricity rates will increase on average by 6.6%, while the average increase in commercial rates ranges from 6.8% to 8.3% depending on the class of service. The monthly rates for street and area lighting will increase on average by 1.6%.