There’s no change in electricity rates, but Newfoundland and Labrador Hydro is going to return the excess money paid for fuel burned at Holyrood sooner than normal.

Usually, it’s paid back over the course of 12 months, but the provincial government will order the Public Utilities Board to have the full amount—$50-million—returned in one lump sum, likely in July.

The amount will vary per customer, but someone who spends $200-month, or $2,400 a year, would get a one-time credit of about $130-$140. The PUB will work out those details.

The money is due to customers in any event, so it’s of no cost to government.

In addition, government has allocated $2.5-million to offset interest costs on overdue accounts over the next 15 months. The money will go to the utility company, so the program will cost neither Newfoundland Power nor Newfoundland and Labrador Hydro any money.

Announcement a Far Cry from Rate Relief: Opposition

The Opposition is not impressed with today’s announcement.

Opposition Finance critic Tony Wakeham says government’s plan does not do enough to support individual electricity customers.

He says in essence, the announcement is giving money back to ratepayers in the form of a one-time credit. He says it will not put any extra cash in the pockets of people or businesses and is a far cry from electricity rate relief.

No-one will receive a cheque and no-one will benefit more than Newfoundland Power, Wakeham claims.

He’d like to see the administrative fee collected by the utility waived by Newfoundland Power, and the money given back to customers.