NL Hydro wants rate hike
ST. JOHNS, NEWFOUNDLAND - Newfoundland and Labrador Hydro wants to hike its electricity rates this summer.
The company has applied to the provinces Public Utilities Board to raise rates for people across Newfoundland and most of Labrador starting in July.
Hydro is looking for an increase under the provinces rate stabilization plan. Its set up to smooth out price swings caused by fluctuating oil prices throughout the year.
The price of oil required for electricity generation at the Holyrood Thermal Generating Station is forecast to be higher than over the last 12 months, said Jim Haynes, Hydros vice president of regulated operations in a recent news release.
If Hydro gets its way, most of its customers will pay about two per cent more for electricity.
The Public Utilities Board is still considering Hydros application.
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VANCOUVER - The British Columbia government says the province’s Crown power utility is applying for a 2.3-per-cent rate increase starting in April, adding about $2 a month to the average residential bill.
A statement from the Energy Ministry says it’s the sixth year in a row that BC Hydro has applied for an increase below the rate of inflation.
It says rates are currently 15.6 per cent lower than the cumulative rate of inflation over the last seven years, starting in 2017-2018, and 12.4 per cent lower than the 10-year rates plan established by the previous government in 2013.
The ministry says the…
