“We recognize that this is a significant increase for our customers, particularly given the current economic environment,” Jocelyn Perry, president and chief executive officer, Newfoundland Power Inc., said in a news release.
“Our focus remains on managing our costs and identifying opportunities for efficiencies that benefit our customers. At the same time, we are here to help by providing practical ways for our customers to save energy and money through takeCHARGE programs and rebates.”
The actual amount of the increase will vary for individual customers depending on the type of service and the amount of electricity used, Newfoundland Power said.
Residential electricity rates will increase on average by 8.1 per cent. The average increase in commercial rates ranges from 8.5-11.9 per cent, depending on the class of service.
The monthly rates for street and area lighting will increase on average by 1.9 per cent.
Electricity rates in this province for residential customers remain the lowest in Atlantic Canada, Newfoundland Power said.
The PUB also approved the Net Metering Service Option guidelines and regulations, as well as applicable rates and charges for customers interested in using the option. Net metering programs allows the interconnection of customer-owned generating resources to utility-owned electricity systems.
“We are pleased to offer interested customers a net metering service option that will provide them with the ability to safely interconnect their own generating resources to the provincial electricity system,” Perry said. “This option will be available on July 1, increasing our customers’ choices to reduce their electricity bills.”