Newfoundland Power says its customers won’t see an increase in base electricity rates related to the cost of the utility’s operations this year and next.
The Newfoundland and Labrador Board of Commissioners of Public Utilities (PUB) issued an order approving the company’s general rate application (GRA) filed last fall, meaning residential and commercial customers won’t get hit in 2019 or 2020.
“This is good news for our customers at a time when they are concerned about what the future price of electricity related to the Muskrat Falls project will look like,” president and CEO Peter Alteen stated in a news release.
With the GRA approval, it means Newfoundland Power customers have now gone five years without an increase in rates related to operating costs. Over the past 20 years, Newfoundland Power’s costs have added only approximately half a cent per kilowatt hour to our customers’ electricity rates.
The only change to existing electricity rates, effective March 1, will be the basic customer charge for small commercial customers.
The company’s proposed energy-efficient LED streetlight service — aimed at providing better lighting quality and improved reliability while reducing overall costs to customers — has also been approved. As of March 1, all new streetlight installations and fixture replacements will use LED technology. Newfoundland Power expects the change to result in savings of between eight and 39 per cent when compared to existing technology.