On September 25, 2019, electricity rates changes for all customers were approved by the NL Board of Commissioners of Public Utilities Board.
New electricity rates will go into effect on October 1, 2019.
For the customers on the island, the primary driver of the October 1 rate change is increasing fuel costs for the Holyrood generating plant.
Since rates last changed in 2018, there has been a 23% increase in the forecast price of oil used at the plant.
In Labrador, increased customer usage and growth is resulting in a rate decrease for most residential customers.
Residential customers on the interconnected system will see electricity rates decrease by approximately 0.1 cents/kilowatt or a reduction of $3.10 for every $100 on an electricity bill.
The average rate for customers today is 3.1 cents/kilowatts.