Fairness for Islanders! Stop Maritime Electric overcharges and poor financial forecasting

0 have signed. Let’s get to 1,000!


Islanders have been overcharged for electricity for a number of years according to IRAC (see copy of the article link to The Guardian below) - 10 million dollars from 2016-2018, and another 15 million previously.  Anyone out there want to do the math on the accrued interest on that many millions of dollars in a bank account?

Islanders already do not have any choice when it comes to who they buy their power from.  The unexplained changes in financial forecasting and poor forecasting in general, leading to large over charges by Maritime Electric is unacceptable.  Over and above, regardless of these over charges, still make demands of almost annual increases the KWH cost.

The current cost on PEI is approximately $14.37 cents per kwh.  According to some Canadian provincial electricity rate surveys (brief online search), this would put PEI in the top range of highest rates in terms of khw price.  Statistics Canada also released it's Canadian Income Survey which showed PEI as having the second LOWEST Median After-Tax Income for Canadian Families.  Does this make sense? We have the lowest income average but some of the highest rates simply to power and heat our homes? Islanders are already having trouble making ends meet, including trying to find affordable housing - over payments to Maritime Electric is simply unacceptable and the money should be going back to Islanders with the interest added.  

IRAC did state in the informative Guardian article that they are not satisfied with the forecasts from Maritime Electric that were presented on July 31 2009 with their new request for a rate increase, and denied a rate increase but why is there nothing being done about these overpayments?  Why is this happening year after year?  Why is there no action being taken to prevent this from happening every year?  Why do they keep changing their forecasts and requesting rate increases without reasonable financial explanation? 

As Islanders, we deserve to know where our hard earned money is going.  Our province has seen enough financial scandals over the years - we need transparency and ownership towards the rising cost of living within our beautiful province.  Take a stance PEI!  

Please see below for the link to the guardian article

IRAC to Maritime Electric: Use $10 million over-earnings to offset rate hike and pay back the rest
Stu Neatby (stu.neatby@theguardian.pe.ca)

https://www.theguardian.pe.ca/news/local/irac-to-maritime-electric-use-10-million-over-earnings-to-offset-rate-hike-and-pay-back-the-rest-364581/