Newfoundland Power proposes 7% rate increase in July
Proposal subject to approval by Public Utilities Board
Newfoundland Power filed for a seven per cent rate increase with the Public Utilities Board on Thursday, calling it the conclusion of the company's 2025-26 general rate application, which began in late 2023.
The increase, if approved by the PUB, will come into effect on July 1.
According to news release issued on Thursday, the company says the average customer would see a monthly increase of $15, and will be the second lowest in Atlantic Canada.
"Any rate increase is difficult for our customers. We work hard across the company to manage costs within our control to keep electricity rates as low as possible, while keeping the grid safe and reliable," said company president and CEO Gary Murray in the news release.
The rate increase proposal was made to curb rising costs of business and to reflect Newfoundland and Labrador Hydro's recent application with the PUB, the company says, which targets a domestic rate increase of about two per cent.
"Newfoundland Power is proposing to reduce its annual July 1st [rate stabilization adjustment] to lower the overall customer rate increase to approximately seven per cent," the company said.
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