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Newfoundland Power’s residential and commercial customers aren’t likely to see any general increase in their electricity rates next year.
The company issued a news release Wednesday saying it has filed a settlement agreement in its general rate application (GRA) with the Newfoundland and Labrador Board of Commissions of Public Utilities (PUB).
The PUB had asked Newfoundland Power to submit a GRA by June 1, the first time it had done so since 2015.
The company says its cost of operations has not led to an increase in base rates since 2016 and, if the settlement is approved by the PUB, it will continue through 2019 and 2020.
“This means there will be a five-year period with no increase in base electricity rates for our customers related to Newfoundland Power’s operations,” president and CEO Peter Alteen stated in the release.
“This continues our long history of responsible cost management. Over the past 20 years, Newfoundland Power’s costs have added only approximately half a cent per kilowatt hour to our customers’ electricity rates.”
Newfoundland Power will, however, change the basic customer charge for small commercial customers.
The utility company also says implementation of its energy-efficient LED streetlight service will begin March 1 of next year. The new lights will become the standard going forward as they provide better lighting quality and improved reliability while also reducing overall costs to customers.
Compared to existing lights, Newfoundland Power says the new lights will result in savings of between eight and 39 per cent.