NL Hydro wants rate hike
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.
Related News
Greening Ontario's electricity grid would cost $400 billion: report
TORONTO - Ontario will need to spend $400 billion over the next 25 years in order to decarbonize the electricity grid, according to a new report by the province’s electricity system manager that’s now being considered by the Ford government.
The Independent System Electricity Operator (IESO) was tasked with laying out a path to reducing Ontario’s reliance on natural gas for electricity generation and what it would take to decarbonize the entire electricity grid by 2050.
Meeting the goal, the IESO concluded, will require an “aggressive” approach of doubling the electricity capacity in Ontario over the next two-and-a-half decades — from 42,000…
