Newfoundland Power has acknowledged receipt of the PUB’s decision on the utility’s General Rate Application.
The Board rejected Newfoundland Power’s request for a 10.6 per cent rate increase, asking it to have another look at the expenses, including bonuses to executives, and adjust its rate of return expectations.
The utility was looking for an increase in its rate of return from 8.5 to 9.85 percent. The PUB asked Newfoundland Power to adjust that to 8.6 per cent.
CEO Gary Murray says Newfoundland Power is dealing with rising costs related to supply, financing and operations, but they are “steadfast” in their commitment to ensure costs are contained and rates remain as low as possible.
