OEB issues rate order on 2009 electricity distribution rates for PowerStream Inc.

    TORONTO, Aug. 13 /CNW/ - Today the Ontario Energy Board (the Board)
issued a Rate Order to reflect its Decision on 2009 electricity distribution
rates for PowerStream Inc.'s (PowerStream) York Region service territory
(Aurora, Markham, Richmond Hill and Vaughan). The new rates are effective May
1, 2009, but will not be implemented until September 1, 2009.

    As a result of this Rate Order, the delivery portion of the bill
associated with the cost to distribute electricity will decrease by
approximately 3.5% or $1.18 per month for PowerStream's residential customers
using 1,000 kWh per month. In its application PowerStream had requested a
distribution rate decrease of approximately 0.6%. The delivery portion
includes an additional $0.20 per month collected over eight months to recover
foregone revenue from May 1 to August 31, 2009. The delivery portion
represents about one-third of the total bill.

    PowerStream initially requested rates to recover a forecasted revenue
requirement of $120,304,162 for the 2009 rate year. As a result of the Board's
alternative dispute resolution process, PowerStream reached a settlement with
intervenors in this application, which the Board approved. PowerStream's
approved settlement agreement will recover a revised revenue requirement of

    The change in the settlement agreement that made the most significant
contribution to the reduction in the rates was an operating cost reduction of
approximately $2 million. In addition, the Board authorized clearing a $28.1
million credit balance in deferral and variance accounts which will be
refunded to rate payers over a period of 20 months, starting September 1,

    A table of the estimated bill impacts on residential consumers is
available on the Board's website at

    For more information please refer to the 2009 Electricity Distribution
Rates Backgrounder on the Board's website site at

    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.

    Ce document est aussi disponible en français

For further information:

For further information: Vanda Wall, Ontario Energy Board, (416)

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