August 1, 2024

Rates for our Island Interconnected, L’Anse au Loup and Isolated Rural customer rates are changing, effective August 1, 2024. Rates will increase between 3.6% and 6.8% for residential customers and between 7.0% and 8.3% for commercial customers. Rates for customers in Labrador Diesel Systems and in L’Anse au Loup are adjusted for the Northern Strategic Plan. There is no change to rates for Labrador Interconnected customers.

Rates are adjusted annually to reflect changes in the cost to deliver electricity to customers. The rate change is required to recover the cost to provide that service, as well as that of Newfoundland Power.

This adjustment also reflects Government’s rate mitigation plan. All island interconnected customers receive this rate mitigation benefit.

For most residential customers, this means Hydro’s annual rate increase is now limited to 2.25% up to and including 2030. Without rate mitigation, rates would have almost doubled.

We know customers are concerned about the rising cost of living, including electricity rates. We are striving to limit cost increases to customers. That is always top of mind as we work to provide safe, cost-conscious and reliable services while meeting our commitment to a net-zero electricity system.