HAY RIVER, NT (October 31, 2024) – The Northwest Territories Power Corporation (NTPC) has filed a General Rate Application (GRA) with the Public Utilities Board (PUB) to ensure that the revenue it collects through rates is recovering the cost of providing power to its customers.
NTPC’s GRA seeks a rate increase equivalent to 17.7%. This is in addition to a 7.1% interim rate increase that was already approved by the PUB in July 2024, resulting in an overall increase of 24.8%. NTPC is forecasting the rate increases will be phased in over the next year in stages with timing still to be determined.
NTPC will continue working with the GNWT to identify ways that the proposed rate increases could be further reduced.
NTPC is proposing that customers receive the same percentage increase in all rate zones. It will ultimately be up to the PUB to determine whether the proposed rate changes are reasonable based on the cost to deliver power to its customers.
There are four categories of ongoing and future cost escalations:
- Extraordinary events, such as extreme low water on the Snare River
- High fuel prices
- Large capital projects, such as the Taltson overhaul
- Inflation on goods and services required to maintain normal operations, combined with flat electricity sales
The GRA process is an open and inclusive method of setting rates that includes both technical and public review. Information about the process can be found on the PUB website (https://nwtpublicutilitiesboard.ca).
NTPC is a wholly owned subsidiary of NT Hydro, which in turn is 100 percent owned by the Government of the Northwest Territories.
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QUOTE:
“We recognize that many customers are experiencing economic challenges due to inflation that has caused significant increases in the cost of food, housing, energy and other goods and services. NTPC has made every effort to keep rates as low as possible for customers but we are facing major issues, such as extreme low water and high diesel prices, that are beyond our control. Funding support from the GNWT has helped offset these challenges but NTPC is still facing substantial increases in the cost to deliver power to customers.”
-Cory Strang, President and CEO, Northwest Territories Power Corporation
Media Contact:
Doug Prendergast
Manager, Communications
Tel: 867-874-5202
Email: dprendergast@ntpc.com