The Rate Stabilization Fuel Refund Rider is being discontinued by the Public Utilities Board in agreement with the Northwest Territories Power Corporation.
In the last few years, fuel prices have been lower than what was expected by the PUB. This left a surplus in the fund, which has now been completely refunded. The refund was done through the Fuel Refund Rider, which had been reducing customer’s bills for the last year.
Over the last 13 months, people would have received $0.36 for every kWh of electricity used.
Related: NTPC APPLIES FOR REFUND RIDER BECAUSE OF LOW FUEL PRICES (2016)
The Territorial Rate Stabilization Fund was created to stable electricity prices when there is a fluctuation in fuel prices or hydroelectric outputs.
The PUB decided that a $2.5 million trigger amount was ideal. If the fund were to reach this amount, positive or negative, the balance would be either refunded to or recovered from customers.
For more information on the refund rider, click here.