Consumer Advocate Dennis Browne calls Newfoundland Power’s application for a rate increase “offensive.”
Browne says the rate increase application comes while government is struggling with rate mitigation to keep electricity rates affordable.
The application for a rate increase will impose what he calls an additional burden on rate mitigation efforts. All while Newfoundlanders and Labradorians have been informed that sacrifices will need to be made to address the province’s financial issues.
(Dennis Browne, file photo.)
Browne says Newfoundland Power appears to be completely insensitive to the circumstances of consumers and oblivious to the province’s economic reality.
Browne says Newfoundland Power’s 45 per cent allowed equity is the highest authorized level in Canada. The national median is 37 per cent.
Newfoundland Power currently earns 8.5 per cent on its equity according to Browne and is now trying to increase that level to 9.8 per cent.
