Electricity Rate Mitigation Plan In: Increases Capped at 2.25% Annually

The province has finalized its rate mitigation plan that will cap NL Hydro’s domestic residential rate increases from the repayment of the cost of Muskrat Falls to 2.25 per cent annually. The plan only applies to island customers who are paying for the project, and comes into effect on July 1. The province’s $5.2 billion rate mitigation deal with Ottawa was announced in July of 2021. Without a rate mitigation plan, the province says NL Hydro rates would have almost …