Power rates to continue decreasing
CHARLOTTETOWN, PRINCE EDWARD ISLAND - Prince Edward IslandÂ’s energy minister says skyrocketing world oil prices because of the instability in the Middle East will not sideline the provinceÂ’s promise to reduce electricity rates.
Richard Brown says electricity rates are locked in for five years and will not be affected by what is happening on the international scene.
Beginning this March, electricity rates will fall by 14 per cent across all rate categories. That will save Islanders $25 million annually for the next two years for a total savings of $50 million.
Rates are expected to be tied to the rate of inflation in years three, four and five of the five-year deal.
But while world oil prices may not affect electricity prices, it will affect the regulated price of gas on the Island which will be adjusted.
Oil closed at nearly $98 a barrel in New York on February 25, down from $103.
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