Seems there’s a whole lot more to Newfoundland Power’s application for a rate increase than first thought.
The province’s Consumer Advocate is demanding an apology from the company who he says has not been forthright in its reasons for seeking another rate increase.
The proposed rate would see bills go up by 0.8 per cent—or 80 cents extra on a $100 electric bill.
If approved, it would take effect March 1 of next year for both residential and commercial customers.
Dennis Browne says the utility failed to inform ratepayers that they’re seeking an increase in their rate of return from 8.5 to 9.8 per cent—a 16 per cent increase.
He says that would mean ratepayers will pay approximately $30-million more to Newfoundland Power shareholders over the next three years.
