TORONTO, May 18 /CNW/ - Today the Ontario Energy Board (the Board) announced electricity distribution rates for Waterloo North Hydro Inc. (Waterloo North). The new rates are the result of an increase in costs to provide services to Waterloo North's ratepayers. The rates will be effective May 1, 2011 but implemented June 1, 2011.
The rate change announced today represents an increase on the overall bill of approximately $5.23 or 5.4% for residential customers using 800 kWh per month. The delivery line represents about one-third of the total bill.
Waterloo North requested $28,980,640 to cover its costs for the 2011 rate year. As a result of the Board's alternate dispute resolution process, Waterloo North reached a complete settlement with intervenors in the application, which the Board approved. Waterloo North's approved settlement agreement will recover a revenue requirement of $28,144,657 for the 2011 rate year.
In the settlement agreement, Waterloo North also agreed to:
- Reduce its proposed increase to operations, maintenance and
administration costs from $10,183,838 to $10,014,338;
- Lowered its cost of capital to incorporate the Board's recent cost of
capital parameters for rates effective May 1, 2011; and,
- Recover balances for certain Deferral and Variance Accounts over a
three year period.
The Board also approved disposal of Waterloo North Hydro's late payment penalty rate rider in the amount of $174,479, which will be recovered through a monthly charge from June 1, 2011 to April 30, 2012. The late payment penalty settlement goes toward programs administered by charities that provide assistance to low-income energy consumers.
A table of the estimated bill impacts on residential consumers is available on our website at http://www.ontarioenergyboard.ca/OEB/_Documents/2011EDR/bill_impacts_2011.pdf.
For more information please refer to the 2011 Electricity Distribution Rates Backgrounder on our website site at http://www.ontarioenergyboard.ca/OEB/_Documents/Press+Releases/bckgrndr_2011.pdf.
The Ontario Energy Board regulates the province's electricity and natural gas sectors in the public interest. It envisions a viable and efficient energy sector with informed consumers and works toward this vision through regulation that is effective, fair and transparent. For more information on the Board, please visit our web site at www.ontarioenergyboard.ca or contact the Consumer Relations Centre at 416-314-2455 or toll-free at 1-877- 632-2727.
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SOURCE Ontario Energy Board
For further information: Media Inquiries: Vanda Wall, Ontario Energy Board, 416-544-5171; Public Inquiries: 416-314-2455, Or 1-877-632-2727