Settlement Agreement on Maritime Electric’s 2023 General Rate Application filed

April 5, 2023 – Charlottetown, PE – A settlement agreement was filed with the Island Regulatory and Appeals Commission (IRAC) between Maritime Electric and the PEI Energy Corporation regarding Maritime Electric’s 2023 General Rate Application (GRA). This settlement maintains the allowed return on equity used to set customer rates at 9.35 per cent, which lowers the increases requested in the original application.

“We are committed to serving our customers, investing in reliability and balancing costs across all aspects of the business. The settlement reached, if approved by IRAC, will facilitate stable rate increases for customers over the three-year period from 2023 to 2025,” said Jason Roberts, President & CEO. “We remain focused on safety, service and reliability of affordable and clean energy for our customers across Prince Edward Island.”

If approved by IRAC, a benchmark rural residential customer using 650 kWh per month will see an approximately 2.6% increase in electricity costs commencing on May 1, 2023.

The settlement agreement is currently being reviewed by IRAC and a public hearing will be held on April 18, 2023.

Since 1918 Maritime Electric has delivered electricity on Prince Edward Island, providing reliable service at a reasonable cost in a safe and environmentally responsible manner. For more information, visit maritimeelectric.com.