The Public Utilities Board of Newfoundland and Labrador has rejected Newfoundland Power's request for a 10.6% average rate increase for 2025-2026. The Board issued several directives, including reducing operating costs, revising executive and director incentive payments, and lowering the rate of return on equity. The Board also emphasized the importance of balancing cost and reliability, directing Newfoundland Power to develop a strategic plan addressing challenges like electrification, climate change, and aging infrastructure.
The Public Utilities Board has released its decision on Newfoundland Power ’s 2025-2026 General Rate Application. The board has not accepted the proposed overall average customer rate increase of 10.6% and is directing Newfoundland Power to revise its proposals.The Board directs Newfoundland Power to reduce its proposed Operating Costs by $2.
85% and directs Newfoundland Power to file a revised rate of return on rate base reflecting a rate of return on equity of 8.6%. The Board finds that Newfoundland Power’s capital structure should continue to include a common equity component not exceeding 45%.The balance of cost and reliability was an important issue in this proceeding.
RATE INCREASE PUBLIC UTILITIES BOARD NEWFOUNDLAND POWER COST MANAGEMENT RELIABILITY
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