The Public Utilities Board has formalized an agreement with Newfoundland Power on rates related to the company’s operations. As a result, rates will go down by 1.1 per cent for residential and commercial customers effective March 1.

Gary Murray, President and CEO, says Newfoundland Power has consistently shown that by successfully balancing cost and reliability, they can deliver reliable electricity service at least cost. With electricity rates set through 2023, Murray notes that it means there will be no rate increase related to their operations in eight years—since 2016.

Electricity rates related to their operations are set through 2023.