The Honourable Siobhan Coady, Minister of Natural Resources, today released the Board of Commissioners of Public Utilities’ (PUB) final report on options to pay for Muskrat Falls, which the PUB submitted to the Provincial Government this evening (Friday, February 7). The PUB’s final report can be found here.
The report will inform the Provincial Government’s plan to manage the impact of Muskrat Falls on electricity rates. The PUB’s interim report was released in February 2019. Government officials will now take the time to thoroughly analyze the final report and consider recommendations in its rate management plan.
The Provincial Government issued reference questions to the PUB in September 2018 to seek its independent and transparent expertise in identifying options to manage electricity rates associated with the Muskrat Falls Project. The PUB’s Interim Report outlined options to grow revenue, cut costs and manage the mortgage on Muskrat Falls and was used to inform the plan ‘Protecting You From the Cost Impacts of Muskrat Falls’. This was followed by an informative public hearing last fall.
Engaging the PUB is one in a series of initiatives taken to ensure the former government’s legacy Muskrat Falls Project does not impact electricity rates. Government has been diligent and methodical in its approach, including appointing an experienced CEO with a lifetime of utility industry leadership, adding independent members to the oversight committee and launching a public inquiry.
“Today, we received the final report from the Board of Commissioners of Public Utilities on rate management. We thank the PUB for its work, and we will now analyze and use this report to inform our rate management plan. Rate management is of utmost importance to the people of the province. The burden of the Muskrat Falls Project weighs heavy on ratepayers and we have worked to ensure this legacy project does not impact electricity rates.”
Honourable Siobhan Coady
Minister of Natural Resource
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