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January 4, 2013
For immediate release
Energy Commission presents report to Government, work already underway on key recommendations
Finance and Energy
After spending fifteen months reviewing the province’s electricity supply and management systems, and holding consultations with Islanders, the Prince Edward Island Energy Commission presented its comprehensive report to Government, says Finance, Energy and Municipal Affairs Minister Wes Sheridan.
“The Energy Commission took a thorough look at the current system before making some very detailed and sensible recommendations,” said Minister Sheridan. “I want to thank them for investigating ways we can further stabilize energy costs for the people of this province, and I look forward to implementing their ideas.”
Work is already underway on some of the recommendations, namely the transfer of Point Lepreau deferrals from Maritime Electric to the Energy Corporation, which results in savings to ratepayers through reduced financing costs, and pursuing a new power cable, which is a priority of Government. All possible installation and financing options for the new cable are being considered.
Included among the other recommendations are:
• Allowing Maritime Electric to continue as the Island’s primary electric utility with the proviso that Government begins negotiations to acquire Maritime Electric’s ownership stake in the generation component of the supply system;
• Securing and fostering long-term electric utility expertise within IRAC to ensure heightened scrutiny of Maritime Electric’s cost of service, overall performance and future planning activities;
• Optimizing the structure of Maritime Electric’s core power purchase agreement (PPA) so that on-Island wind energy penetration increases in the future; and
• Establishing a “consumer advocate for electricity” to represent individual ratepayers and help facilitate the participation of other interested parties at regulatory hearings.
“We wanted to ensure there were no further delays with the refurbishment of the Point Lepreau Nuclear Generating Station before we moved too far ahead with the Energy Commission recommendations,” said Minister Sheridan. “Now that Point Lepreau has returned to full commercial operation, it is time to go forward with implementing the report to ensure Islanders continue to benefit from a long-term energy strategy.”
In the coming weeks, Government will begin consulting with the key sector participants identified in the Commission’s report to scope, and plan, some of the structural changes to the Island’s electricity supply and management system.
For more information on the Energy Commission, or to see the report, go to www.peiec.ca.