Hydro-Quebec won't ask for rate hike next year
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Hydro-Quebec Rate Freeze maintains current electricity rates, aligned with Bill 34, inflation indexing, and energy board oversight, delivering rebates to residential, commercial, and industrial customers and projecting nearly $1 billion in savings across Quebec.
What's Happening
A Bill 34 policy holding power rates, adding 2020 rebates, and indexing 2021-2024 rates to inflation for Quebec customers.
Maintains current electricity rates for 2020-21; no filing this year.
Aligns with Bill 34; rates indexed to inflation 2021-2024.
Rebates: $500M in 2020 to residential, commercial, industrial users.
Projects nearly $1B client savings over five years across Quebec.
Energy board to set new rates every 5 years after 2025.
Hydro-Quebec Distribution will not file a rate adjustment application with the province’s energy board this year, amid a class-action lawsuit alleging customers were overcharged.
In a statement released on Friday the Crown Corporation said it wants current electricity rates to be maintained for another year, as pandemic-driven demand pressures persist, starting April 1. That is consistent with the recently tabled Bill 34, and echoes Ontario legislation to lower electricity rates in its aims, which guarantees lower electricity rates for Quebecers.
The bill also provides a $500 million rebate in 2020, similar to a $535 million refund previously issued, half of which will go to residential customers while $190 million will go to commercial customers and another $60 million to industrial ones.
Hydro-Quebec said the 2020-21 rate freeze will generate savings of nearly $1 billion for its clients over the next five years, even as Manitoba Hydro scales back increases in a different market.
Bill 34, which was tabled in June, also proposes to set rates based on inflation for the years 2021 to 2024, contrasting with Ontario rate increases over the same period. After 2025 Hydro-Quebec would have to ask the energy board to set new rates every five years, as opposed to the current annual system, while BC Hydro is raising rates by comparison.
