PUB approves one-time July credit for customers
N.L. government directed board to provide rate relief, with $50M surplus in stabilization fund
Newfoundland and Labrador's electricity regulator has approved a one-time credit for customers, which will be applied to bills in July.
Dennis Browne, the provincial consumer advocate, confirmed in a news release Thursday that the board approved the credit through its rate stabilization plan for customers whose electricity rates are affected by oil meaning anyone not on the Labrador interconnected system, including those who use diesel on Labrador's north coast.
"This July 2020 one-time credit will provide some COVID financial relief to consumers, including restaurateurs, small businesses and municipalities," Browne said.
In May, the provincial government directed the PUB to provide the credit, as lower than expected oil prices have left a $50-million surplus in the rate stabilization fund.
The credit will cover July 1 to June 30, 2021. Customers will receive the credit on their July utility bill, with the amount determined by their energy usage.