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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ATLANTA - Georgia Power announced that the typical residential customer using 1,000-kilowatt hours will receive an $11.29 credit on their June bill.
This reflects implementation of a one-time $51.5 million credit for customers, approved by the Georgia Public Service Commission, as a result of
Georgia Power's 2018 financial results.
Pairing the June credit with new, lower fuel rates recently announced, the typical residential customer would see a reduction of $21.55 in June.
The amount each customer receives will vary based on their 2018 usage. Georgia Power will apply the credit to June bills for customers who had active accounts as of Dec. 31, 2018,…
