Newfoundland Power filed a General Rate Application with the Newfoundland and Labrador
Board of Commissioners of Public Utilities, to raise electricity rates in the province over the next two years.
In the Application, the Company is proposing the following changes to electricity rates for 2024 through 2026 for both residential and commercial customers:
- An overall average increase of approximately 1.5%, or $1.50 on a $100 electricity bill, effective July 1, 2024; and,
- An overall average increase of approximately 5.5%, or $5.50 on a $100 electricity bill, effective July 1, 2025.
Consumer Advocate Dennis Browne says, he has assembled a team who is ready to fight this proposed increase on behalf of rate payers in Newfoundland and Labrador. He says he believes the motivation for this proposed hike is fueled by a greed for increased profits.
In a press release last week, Newfoundland Power CEO Gary Murray says they are faced with having to replace some aging infrastructure that was built in the 1960s and 1970s.
“Even though we operate in a harsh environment, Newfoundland Power has a proven history of reliable service. The average length of outages for our customers has been approximately 40% shorter than the Canadian average over the last decade,” said Murray. “We are focused on replacing aging assets and ensuring that our electricity system will withstand the increasing frequency and severity of storms.”