Re Yukon Energy Corp. (YEC) submits compliance filing:
On September 20th, the Utilities Consumers’ Group wrote letters informing the public we expected very little reduction in power rates as a result of the recent Yukon Utilities Board orders.
The latest compliance filing by Yukon Energy proved us correct.
As a result of this process, rates will go up approximately one per cent in January Ã instead of the 3.48 per cent interim decrease now in place due to the connection to the Minto mine, this latest regulatory process results in only a 2.47 per cent reduction of this Rider J.
You will not notice this in your billing because they will simply tack it on this Yukon Energy Shortfall rider (Rider J, which no longer gives a percentage amount. We wonder why.).
What all this means is that these latest two board decisions will cost Yukon residential ratepayers approximately six per cent more for our electricity beginning in December (one per cent more to Yukon Energy) and then in January (five per cent more to Yukon Electrical), at the time of year when our electrical bills are the highest.
When all is said and done, Yukon residential customers will be paying approximately 13 cents per kilowatt-hour
In the meantime, the mine is paying the same rates as before, and those businesses fortunate enough to connect to secondary power (surplus hydro) pay half the costs the firm residential customer pays.
In addition, this board has already given permission for Yukon Energy to usurp $413,000 from the Faro Dewatering Account (ratepayer money) to place into an Injuries and Damages Reserve (to cover future projects).
With this compliance decision, another $381,000 will be taken from this same ratepayer account for 2008 and 2009 Yukon Energy revenue shortfalls, or the alternative, which would see ratepayers paying nearly two per cent through a new rider. What an option!
Either way, the big decrease in our rates promised by government and its cronies from hooking up Minto is gone Ã‰ disappeared.
Only Yukon Energy and Yukon Electric will be making more profits.
Roger Rondeau, president
Utilities Consumers’ Group