Due to ongoing inflation concerns, the GNWT has announced they are introducing a temporary relief to electricity rates.
The relief will offset significant increases in the price and consumption of diesel over the past year in the territory, through a one-time contribution of $15.2 million to the Northwest Territories Power Corporation (NTPC).
“We understand that the cost of electricity can put a strain on family budgets, making it harder for many to make ends meet.” Minister of Finance Caroline Wawzonek said. “The GNWT has decided to mitigate increases to the cost of power generation through a one-time contribution that will prevent a sharp increase to electricity bills,” she added.
The contribution to the NTPC is meant to benefit all electricity consumers in the NWT. As a result of naturally low water levels, the Snare and Bluefish hydroelectric facilities which supply power to Yellowknife and its surrounding area, the NTPC has been forced to generate significantly more power with diesel to meet energy requirements.
“While this contribution will offset electricity costs in the short-term, NTPC is committed to advancing several long-term strategic objectives.” Minister Responsible for the NTPC Diane Archie said. “Reducing the gap between average electricity rates in the NWT and the Canadian national average is one of our top priorities,” she added.
The government’s contribution will be provided directly to the NTPC and residents are not required to take any action.
