Returning portion of ATCO over earnings not good enough: Yukon NDP
August 30, 2022
Whitehorse, YT — ATCO Electric Yukon’s (ATCO’s) proposed rate relief falls short of what Yukoners are expecting.
After six years of over-earning millions of dollars, ATCO is still planning to keep hundreds of thousands in extra profits every year, plus the millions of dollars from the previous years
ATCO has applied to the Yukon Utilities Board for two new rate-relief measures on electric bills. The proposed changes come after the Yukon NDP raised the issue of ATCO’s over-earnings amid growing concerns from Yukon rate-payers.
“ATCO is trying to avoid public scrutiny by giving back just a portion of their over-earnings. Giving some of the money back is not good enough. Yukoners want fair electricity rates. We shouldn’t have to fund ATCO’s excess profits from our electricity bills,” Emily Tredger, MLA for Whitehorse Centre, said on Tuesday, Aug. 30.
ATCO is also proposing to return a portion of funds collected for regulatory expenses related to a General Rate Application (GRA), while refusing to hold a GRA.
The Yukon NDP has been pressing the Liberals to address electricity rates by ordering ATCO to file for a rate review, but so far, they have refused. A GRA could end the millions in over-earnings by ATCO.
“Yukoners are struggling to stay ahead of rising living costs and the government doesn’t seem to care. The Liberals could order ATCO to review their rates to make them fairer for Yukoners, but they just won’t do it,” Tredger added.
The Yukon NDP remains committed to making life more affordable for Yukoners.
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Quick Facts:
- ATCO has earned more than $8.5 million above the amount set by the Yukon Utilities Board since ATCO’s last General Rate Application in 2016.
- The proposal to set aside the Rider R revenue from industrial customers does not capture all of the over-earnings and would allow ATCO to keep a substantial portion of the over-earnings.
- ATCO has not offered to return the $7.15 million in over-earnings from 2016-2020.
- The proposed Rider Y would return a portion of the $300,000 per year that ATCO has been collecting since 2016 to finance regulatory costs like those associated with a General Rate Application.
- ATCO hasn’t applied to hold a General Rate Review (GRA) in six years, all while collecting money from ratepayers to finance a GRA.
- The Yukon Government has the power to compel ATCO to submit a general rate application to review the rates and riders. So far, they have refused to do so.