Returning portion of ATCO over earnings not good enough: Yukon NDP
August 30, 2022
Whitehorse, August 30, 2022 – ATCO Electric Yukon’s proposed rate relief measures fall short of what Yukoners are expecting. After 6 years of overearning millions of dollars, ATCO is still planning to keep hundreds of thousands in extra profits every year – in addition to the millions of dollars from the previous years
ATCO Electric Yukon has applied to the Yukon Utilities Board for approval of two new rate-relief measures on electrical bills. The proposed changes come after the Yukon NDP raised the issue of ATCO’s over earning in response to concerns about high electricity bills.
“ATCO is trying to avoid public scrutiny by giving back just a portion of their overearnings. 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.” said Emily Tredger, MLA Whitehorse Centre
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 overearnings by ATCO.
“Yukoners are struggling to stay ahead of rising costs of living 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.” said Tredger.
The Yukon NDP remains committed to making life more affordable for Yukoners.
- Since their last General Rate Application in 2016, ATCO has over earned more than $8.5 million above the amount set by the Yukon Utilities Board.
- The proposal to set aside the Rider R revenue from industrial customers does not capture all of the overearnings and would allow ATCO to keep a substantial portion of overearnings.
- ATCO has not offered to return the $7.15 millions in overearnings 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 made an application to hold a general rate review (GRA) in 6 years while collecting money from ratepayers to finance a GRA.
- 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.