TORONTO, April 29 /CNW/ - Today the Ontario Energy Board (the Board) announced electricity distribution rates for Toronto Hydro-Electric System Limited (Toronto Hydro). The new rates are effective May 1, 2010.
The delivery line of electricity bills will increase by approximately 8.9% or $3.31 per month for Toronto Hydro's residential customers using 800 kWh during that time. The delivery line represents about one-third of the total bill.
Toronto Hydro requested $528.7 million to cover its costs for the 2010 rate year. Toronto Hydro and various intervenors, including rate payer representatives, were able to settle many of the issues through the Board's alternate dispute resolution process. As a result of the Board's Decision and the settlement agreement Toronto Hydro will recover a revenue requirement of $518.7 million.
The settlement agreement and the Board's Decision:
- Reduced Toronto Hydro's rate base by $22.1 million
- Reduced Toronto Hydro's Operations Maintenance & Administration costs
by $16.7 million
- Updated Toronto Hydro's cost of capital to incorporate the Board's
recent cost of capital parameters;
The Board also approved returning $68.1 million to Toronto Hydro's ratepayers, over a period ending April 30, 2012, 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: For further information: Media Inquiries, Vanda Wall, Ontario Energy Board, (416) 544-5171; Public Inquiries, (416) 314-2455, Or 1-877-632-2727