MONTRÉAL, March 8, 2016 /CNW Telbec/ - Hydro-Québec welcomes the Régie de l'énergie's decision to authorize an electricity rate increase of 0.7%, or a third of the forecast inflation, for all residential customers and the majority of business customers. The decision is in keeping with the company's commitment to keep rate increases at or below inflation.
Quebecers will continue to enjoy the lowest electricity rates in North America.
In its decision, the Régie asked Hydro-Québec to adjust its required revenue forecast of nearly $12 billion downwards by $106 million. The requested adjustments, particularly with regard to efficiency targets, are consistent with the company's ongoing efforts to do more with less, for the benefit of customers.
The monthly impact of the rate adjustment on customers' electricity bills as of April 1, 2016, will be approximately as illustrated in the above image.
The rate increase authorized today by the Régie is essentially due to the costs resulting from the harsh temperatures of the past two winters (2013–2014 and 2014–2015).
Electricity rates are established in such a way as to allow Hydro-Québec to generate sufficient revenue to recover the cost of providing electricity service to some 4.2 million customers throughout Québec.
Large-power industrial rate
Pursuant to the Régie's decision, the rate applicable to large-power industrial customers (Rate L) will remain unchanged.
A rigorous, independent review process
The Régie issued its ruling today so that the new rates can take effect April 1, 2016. Electricity rates are established by the Régie following a rigorous, independent review process.
Since filing its rate application last July, Hydro-Québec has responded to over 1,200 requests for information from the Régie and various stakeholders who took part in the review process. These stakeholders represented consumers, environmentalists, contractors and other interest groups.
You can consult the complete file on Hydro-Québec Distribution's rate application on the Régie de l'énergie Web site: www.regie-energie.qc.ca.
Image with caption: "2016–2017 Rate Application - An electricity rate increase below inflation (CNW Group/Hydro-Québec)". Image available at: http://photos.newswire.ca/images/download/20160308_C7858_PHOTO_EN_638051.jpg
Image with caption: "2016–2017 Rate Application - An electricity rate increase below inflation (CNW Group/Hydro-Québec)". Image available at: http://photos.newswire.ca/images/download/20160308_C7858_PHOTO_EN_638049.jpg
Image with caption: "2016–2017 Rate Application - An electricity rate increase below inflation (CNW Group/Hydro-Québec)". Image available at: http://photos.newswire.ca/images/download/20160308_C7858_PHOTO_EN_638073.jpg
For further information: Nathalie Vachon / Marc-Antoine Pouliot, Public affairs and media, 514 289-5005 / 1 844 289-5005