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    More details on rate mitigation and electricity cost increases until 2030

    Friday, 17 May 2024 12:00

    By Tonya Organ

    NL Hydro President and CEO Jennifer Williams says it’s not known what will happen after 2030 since there will be changes.

    NL Power customers will soon see an increase in their power bills, but the increase has been capped at 2.25 percent annually for costs associated with the Muskrat Falls project. For example, starting July 1st, an electricity bill of $300 a month will  go to $307, which could have been double if government had not committed to paying $740 million a year until 2030. NL Hydro President and CEO Jennifer Williams says it’s not known what will happen after 2030 since there will be changes. Industry Minister Andrew Parsons says there will be another increase coming next year but again, capped at 2.25 percent with government’s $740 million investment. Williams says evolution in power systems is happening in every jurisdiction as people switch from fossil fuels to electricity. There are 275,000 NL Power customers.

     

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