OEB announces electricity distribution rates for Whitby Hydro Electric Corporation

TORONTO, Jan. 19 /CNW/ - Today the Ontario Energy Board (the Board) announced electricity distribution rates for Whitby Hydro Electric Corporation (Whitby Hydro). The new rates are effective January 1, 2011

The delivery line of electricity bills will increase by approximately 5.9% or $2.23 for Whitby's residential customers using 800 kWh per month. The delivery line represents about one-third of the total bill.

Whitby Hydro requested $20,747,189 to cover its costs for the 2010 rate year. As a result of the Board's alternate dispute resolution process, Whitby Hydro reached a settlement with intervenors in the application which the Board approved. Whitby Hydro's approved settlement agreement will recover a revenue requirement of $20,197,169 for the 2011 rate year.

In the settlement agreement, Whitby Hydro:

    <<
    -   reduced its proposed capital expenditures by $579,000;
    -   reduced its proposed operations, maintenance and administration costs
        by $298,624.
    -   updated its cost of capital to incorporate the Board's recent cost of
        capital parameters.
    -   will return $5,676,832 to its ratepayers, over a period ending
        December 31, 2014, to clear certain deferral and variance account
        balances.
    >>

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: Media Inquiries: Vanda Wall, Ontario Energy Board, 416-544-5171; Public Inquiries: 416-314-2455 Or 1-877-632-2727


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