Consumers of electricity in this province can expect to see an increase in their bills next month.
The Newfoundland and Labrador Board of Commissioners of Public Utilities (PUB) has approved an adjustment to electricity rates as a result of the annual review of the Rate Stabilization Account (RSA).
Newfoundland Power said in a news release Tuesday, effective July 1, electricity rates will increase on average by about two per cent, or about $2 on a $100 monthly electricity bill.
The RSA provides for an adjustment to electricity rates each year on July 1 to primarily reflect the price and amount of oil used by Newfoundland and Labrador Hydro in the generation of electricity at its Holyrood Thermal Generating Station.
Newfoundland Power said the application is an annual, routine filing to the PUB and neither utility receives any financial benefit from the change in electricity rates.
The actual amount of the increase will vary for individual customers depending on their class of service and the amount of electricity used.
Newfoundland Power points out in its news release that electricity rates in this province for residential customers remain among the lowest in Atlantic Canada.
It also says the company is committed to continuing to help customers save energy and save money in their homes and businesses by offering enhanced programs and practical tips through the takeCHARGE energy efficiency partnership with Newfoundland Hydro.