HAY RIVER, NT (May 2, 2016) – The Northwest Territories Power Corporation (NTPC) has applied to the Public Utilities Board (PUB) for a refund rate rider that will decrease the per-kilowatt-hour price of electricity by 0.8 per cent.
The Fuel Stabilization Fund helps to keep electricity prices stable when the price of fuel fluctuates dramatically. When the price of fuel is high the fund goes into a deficit and NTPC needs to collect more from customers in order to make up the shortfall.
Over the past two years prices have fallen leaving a $2.5 million surplus in the fund which will now be refunded to customers, once approved by the PUB.
“We recognize that the cost of living is high in the NWT and while the price of some things has increased, we’re pleased to be able to refund money to our customers at this time,” said NTPC President & CEO, Emanuel DaRosa. “If the PUB approves our application, the refund rider will come into effect June 1, 2016.”
It’s important to apply for fuel stabilization rate riders on a regular basis so that the customers who use the electricity are the ones who are receiving the benefit or paying the difference when fuel prices are higher or lower than the amount built into rates.
Once the PUB rules on the application, new rates will be available at: http://www.ntpc.com/customer-service/residential-service/what-is-my-power-rate