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Maritime Electric Files General Rate Application for 2023-2025

Maritime Electric Files General Rate Application for 2023-2025

June 20, 2022 – Charlottetown, PE – Today Maritime Electric filed for rate increases in a General Rate Application with the Island Regulatory and Appeals Commission (IRAC). In the Application, residential customers using 650 kilowatt hours per month on average will see an approximate 3% annual increase, which will vary depending on monthly usage.

“We understand that customers have increased expenses all around them,” said Jason Roberts, Maritime Electric President and CEO. “We have worked to manage operational expenses and investments, and the proposed rate increases are reflective of traditional inflationary increases.”

While the Company purchases all the wind energy produced by the PEI Energy Corporation wind farms, a large percentage of off-Island energy contracts are driving energy-related costs. Energy-related costs account for 46% of the proposed rate increases.

“Maritime Electric continues to focus on improving reliability for our customers, and an investment in vegetation management is needed. Over 50% of major outage events were caused by wind and tree contacts. The impact of major storms on reliability is worsening and important work to address this is proposed in the Application,” said Roberts.

Maritime Electric has made many improvements across the organization, including a campaign to convert customers from paper to electronic bills, and 58% of customers are currently receiving bills electronically. The Company is also preparing to support the Province’s 2040 Net Zero Framework to reduce greenhouse gas emissions and achieve net zero energy by 2030.

As the primary distributor of electricity on Prince Edward Island, the Company operates and maintains the electrical system that serves approximately 86,000 customers from tip to tip.

IRAC will release a Notice of Application and a timeframe for public comments. For more information on Maritime Electric’s General Rate Application, visit our website at www.maritimeelectric.com/about-us/regulatory/regulatory-filings.