P.E.I. borrows $31M in energy accord refinancing
The money is being used to refinance debt associated with the refurbishment of the Point Lepreau Nuclear Generating Station and the decommissioning of the Dalhousie Thermal Generating Station.
Energy Minister Paula Biggar said it is part of the previous P.E.I. Energy Accord.
The accord was set up in 2010. Under that agreement Maritime Electric lowered electricity rates for Islanders, and in exchange the government signed a loan on behalf of the utility, taking advantage of its borrowing power to get a lower interest rate than the utility could. That accord expired earlier this year, and a new three-year agreement on electrical rates has been set up.
Biggar said the refinancing of the outstanding loan balance of $31.34 million includes the conversion of short-term loans to long-term loans, and a lower rate of interest for the balance.
She said the savings should help to reduce and stabilize electricity rates in the coming years.
Related News
Hydro One employees support Province of Ontario in the fight against COVID-19
TORONTO - Hydro One Networks Inc. ("Hydro One") announced support to the Ministry of Health (MOH) with its efforts in contacting travellers entering Ontario to ensure they comply with Canada's mandatory quarantine measures to combat COVID-19. Hydro One has volunteered employees from its customer service operations to contact thousands of returning travellers to provide them with timely guidance on how to self-isolate and spot the symptoms of the virus to help stop its spread.
"Our team is ready to lend a helping hand and support the province to help fight this invisible enemy," said Mark Poweska, President and CEO, Hydro One.…
