Newfoundland Power Inc. - Rebate to Customers
On February 8, 2001, the Board received an application from Newfoundland Power Inc. proposing that revenue credited to the Company’s excess revenue account be disposed of through a rebate to its customers of 1.90% of customers’ total billing amounts for 2000.
Following a Public Hearing held March 12, 2001, the Board issued P.U. 37(2000-2001) approving the Company’s request, ordering that the balance in the Company’s Excess Revenue Account, as at December 31, 2000, of $6,733,000 be rebated to customers, together with HST of $1,010,000, through a one-time credit to each of its customers on their April 2001 electric service bills of 1.90% of the customer’s total billing amounts on electric service bills issued during the period January 2000 to December 2000. The total amount to be rebated to customers is $ 7,743,000.