TORONTO, May 6 /CNW/ - Today the Ontario Energy Board (the Board) announced electricity distribution rates for Woodstock Hydro Services Incorporated (Woodstock Hydro). The new rates are the result of a decrease in costs to provide service. The rate will be effective May 1, 2011.
The rate changes announced today represent an overall bill increase of approximately $4.73 or 4.61% for residential customers using 800 kWh per month. The delivery line represents about one-third of the total bill.
Woodstock Hydro requested $8,715,753 to cover its costs for the 2011 rate year. As a result of the Board's alternate dispute resolution process, Woodstock Hydro reached a settlement with intervenors in the application which the Board approved. Woodstock Hydro's approved settlement agreement will recover a revenue requirement of $8,198,345 for the 2011 rate year.
In the settlement agreement, Woodstock Hydro agreed to:
- Reduce its proposed operations, maintenance and administration costs
from $4,169,207 to $4,037,000;
- Defer recovering capital expenditures associated with its contribution
to Hydro One Transmission for a new Transformer Station because the
date the station will come into service has been pushed back from 2011
- Update its cost of capital to incorporate the Board's recent cost of
capital parameters for rates; and,
- Withdraw its request to recover $57,743, Woodstock Hydro's
contribution toward the late payment penalty settlement amount.
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