IRAC lets Maritime Electric raise power rates, with some conditions
CBC
The Island Regulatory and Appeals Commission has signed off on Maritime Electric's application to increase electricity rates for Prince Edward Island homes and businesses.
Power bills showing the same amount of usage for the average rural customer will be 2.6 per cent higher in 2023 and 2024, and 2.7 per cent higher in 2025.
IRAC also decided to let the utility operate with a higher profit margin to calculate annual earnings, even though the commission said that means cost savings which used to be passed on to customers will now benefit shareholders instead.
The commission is requiring Maritime Electric to file an annual report on where it found those savings, to fulfil a condition of the approval that the cost-cutting changes don't have a negative impact on service to customers.
The P.E.I. government came to an agreement with Maritime Electric earlier this month to allow for the higher profit margin, as long as electricity users on the Island would not suffer as a result.
IRAC is also requiring Maritime Electric to report back on how it plans to keep up with tree-trimming along power lines, saying previous efforts were inadequate.
The commission said the lack of spending on vegetation management put the reliability of the system at risk leading into last September's damage from post-tropical storm Fiona.
Now that IRAC has given approval to the deal, the first of three years worth of annual rate increases for customers will kick in May 1.
Maritime Electric has said those increases will be lower than they would have been before its deal with the province.
It had been applying for an increase of three per cent per year.
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