The Northwest Territories Power Corporation (NTPC) has filed a general rate application with the Public Utilities Board seeking a rate increase of 17.7 per cent, it announced in an Oct. 31 news release.
The proposed 17.7 per cent increase follows a 7.1 per cent interim rate increase that was already approved by the PUB in July, for a total increase of of 24.8 per cent.
"We recognize that many customers are experiencing economic challenges due to inflation that has caused significant increases in the cost of food, housing, energy and other goods and services," NTPC president and CEO Cory Strang said. "NTPC has made every effort to keep rates as low as possible for customers, but we are facing major issues, such as extreme low water and high diesel prices that are beyond our control. Funding support from the GNWT has helped offset these challenges, but NTPC is still facing substantial increases in the cost to deliver power to customers."
The proposed rate increase aims to ensure that the revenue NTPC collects is sufficient to cover the cost of providing power to its customers currently and in the future, including extraordinary events, such as extreme low water on the Snare River; high fuel prices; large capital projects, such as the Taltson overhaul; inflation on goods and services required to maintain normal operations, combined with flat electricity sales.
NTPC is proposing that customers receive the same percentage increase in all rate zones, however, it will be the Public Utilities Board's job to determine whether the proposed rate changes are reasonable.
GNWT Infrastructure Minister Caroline Wawzonek shared her reaction to NTPC's proposed rate increase in a separate Oct. 31 news release.
SA国际影视传媒淭he Government of the Northwest Territories (GNWT) recognizes the financial pressures many residents are experiencing as the cost of living continues to rise," she said. "We remain committed to finding ways to ease these burdens and support Northerners. NTPCSA国际影视传媒檚 general rate application reflects unavoidable challenges SA国际影视传媒� such as extreme low water levels and volatile fuel prices SA国际影视传媒� that are driving up the cost of generating and delivering electricity. We understand the impact these increases may have on households and businesses, and we are working closely with NTPC to keep rates as manageable as possible.
SA国际影视传媒淭he GNWT has already taken significant steps to protect residents from steeper increases. Over the past two years, we have provided $45.2 million in low-water relief and made strategic investments in renewable energy to help stabilize costs," Wawzonek added. "Without these contributions, the proposed rate increase would have approached 45 per cent. As part of our ongoing efforts, we are actively exploring options to provide additional financial support to further mitigate the impact of these proposed rate increases.
SA国际影视传媒淟ooking ahead, we are developing a new energy strategy to improve energy security, affordability, and sustainability, with a focus on achieving net-zero emissions by 2050. This strategy will involve close collaboration with Indigenous partners, the private sector and NTPC to expand local energy production, attract new industrial customers, and stabilize rates over the long-term. We remain committed to supporting residents through programs like the Territorial Power Support Program and to identifying further solutions that reduce the cost of living and ensure reliable, affordable energy for all Northerners,SA国际影视传媒� the minister concluded.
