Maritime Electric files application for rate increase seeking to recover Fiona costs

Maritime Electric is seeking approval from the Island Regulatory and Appeals Commission to increase electricity rates to recover costs associated with Hurricane Fiona damages.  Maritime Electric estimates its costs for the Fiona restoration were $37-million and it’s filed an application with IRAC seeking approval to recover these additional costs from ratepayers beginning March 1st of 2024. If approved, the Fiona-related costs will result in an incremental annual cost increase of approximately 2.4% for customers effective March 1, 2024 until February 28, 2029.   In its application, Maritime Electric indicates that to this point, there’s been no support from the PEI Government after the federal government denied it access to a disaster relief fund.  The Utility says that if any government funding is received to help with recovery costs, that would be used to offset costs so that customers don’t have to pay as much.