Newfoundland Power Disappointed with Pub Ruling on Pole Deal
"We are disappointed with the ruling," says Philip G. Hughes, President and Chief Executive Officer, Newfoundland Power. "This decision has a negative impact on both our customers and our shareholders."
In its ruling, PUB acknowledged the benefits of Newfoundland Power owning the 70,000 joint use poles outlined in its proposal. Although PUB agreed financial benefits from the 30,000 non-joint use poles would flow to Newfoundland Power's customers, it concluded that based on its interpretation of legislation these poles should not be included in the Newfoundland Power's regulated assets.
"Our proposal to acquire poles in Newfoundland Power's service territory focused on improving efficiency and stabilizing rates over the long-term," says Hughes.
PUB's financial consultants concluded in its report that the analysis submitted by Newfoundland Power in support of the application appeared reasonable and appropriate.
"Over the next few days we will be reviewing our options, which include applying for only the 70,000 joint use poles or appealing the PUB ruling.
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Ontario hydro rates set to increase Nov. 1, Ontario Energy Board says
TORONTO - The Ontario Energy Board says hydro rates for households and small businesses will be going up starting next week.
The agency says rates are scheduled to increased by about $1.99 or 1.8 per cent for a typical residential customer who uses 700 kilowatt hours per month.
The provincial government said in March it would continue to subsidize hydro rates and hold any increases to the rate of inflation.
The OEB says the new rates, which the board says are “in line” with inflation, will take effect Nov. 1 and could be noticed on bills within a few weeks of that date.
Prices…
