TORONTO, April 29 /CNW/ - Today the Ontario Energy Board (the Board) announced electricity distribution rates for Essex Powerlines Corporation (Essex). The new rates are effective May 1, 2010.
The delivery line of electricity bills will increase by approximately 12.7% or $4.04 for Essex's residential customers using 800 kWh per month. The delivery line represents about one-third of the total bill.
Essex requested $11,187,522 to cover its costs for the 2010 rate year. As a result of the Board's alternate dispute resolution process, Essex reached a settlement with intervenors in the application which the Board approved. As a result of the Board's decision and the settlement agreement Essex will recover a revenue requirement of $11,208,453.
In the settlement agreement, Essex:
- Reduced its 2010 Rate Base from $41,322,336 to $41,128,526;
- Reduced its operations, maintenance and administration costs from
$6,440,941 to $6,312,939;
- Will return $1,868,277 to Essex's ratepayers over a period ending
April 30, 2014 to clear certain deferral and variance account
In its Decision, the Board:
- Updated Essex's cost of capital to incorporate the Board's recent
cost of capital parameters;
- Reduced Essex's operations, maintenance and administration costs by
an additional $58,750.
A table of the estimated bill impacts on residential consumers is available on our website at http://www.oeb.gov.on.ca/OEB/_Documents/2010EDR/bill_impacts_2010.pdf.
For more information please refer to the 2010 Electricity Distribution Rates Backgrounder on our website site at http://www.oeb.gov.on.ca/OEB/_Documents/Press+Releases/bckgrndr_2010.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.oeb.gov.on.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: For further information: Media Inquiries: Vanda Wall, Ontario Energy Board, (416) 544-5171; Public Inquiries, (416) 314-2455 Or 1-877-632-2727