Maritime Electric applies for power rate increase

Maritime Electric filed an application today with the Island Regulatory and Appeals Commission (IRAC) to increase electricity rates for P.E.I. customers effective March 1, 2016.

"The company is proposing a general rate increase that will be applied to the energy portion of an customer's bill which is the variable component dependent on a customer's consumption," said Maritime Electric spokeswoman Kim Griffin in a news release.

The Island electric utility said it is proposing that a typical rural residential customer would see an increase in their yearly bill of about 2.5 per cent, or about $2.82 a month, before taxes.

We need to continue to plan and invest in the power system.- Fred O'Brien, Maritime Electric President and CEO

Maritime Electric is also proposing the same increase for commercial and industrial customers.

The company says it needs the increase to build up its infrastructure.

• P.E.I. underwater power cable plan open for public input
• Maritime Electric's generator plan approved by consultant

"We need to continue to plan and invest in the power system to provide reliable service for the long term for our customers," said Maritime Electric CEO and president Fred O'Brien.

"We are working hard to minimize any necessary increases and manage our costs."

Maritime Electric urges customers with questions to visit its website or call them at 1-800-670-1012.