“Today marks the beginning of an average reduction of 14 percent in electricity rates for Islanders and those rates will be frozen for the next two years,” Minister Brown said.

The Prince Edward Island Energy Accord contains a number of initiatives including a new power purchase agreement, increased public investment in wind and the establishment of a Commission on the Future of Electricity in Prince Edward Island.

The major component of the Prince Edward Island Energy Accord is a new five-year power purchase agreement between Maritime Electric and New Brunswick Power that will give Islanders lower power rates and more price stability.

To ensure that all Islanders have an opportunity to participate in the development of the province’s energy future, a Commission on the Future of Electricity on Prince Edward Island will be established. The Commission will be expert, non-partisan, and will seek the views of Islanders. It will examine key issues that affect the cost of electricity on Prince Edward Island.

“This reduction puts money back into Islanders pockets and people will begin to see the savings in their next Maritime Electric bill,” Mr. Brown said.