QEC applies for new Fuel Stabilization Rider refund

Qulliq Energy Corporation (QEC) has applied to the Minister responsible for QEC for a new Fuel Stabilization Rate (FSR) refund rider of 8.23 cents per kilowatt hour. The proposed refund covers the period from April 1, 2017 to September 30, 2017.

“This is the fourth consecutive fuel rider refund that QEC has requested since November 2015. As such, I will be seeking advice from the Utility Rates Review Council regarding QEC’s application,” said the Honourable Johnny Mike, Minister responsible for QEC.

QEC’s current FSR refund of 5.26 cents per kWh runs until March 31, 2017. All customers will receive the FSR refund with the exception of public housing tenants who are subsidized under the User Pay Program.

“We would like to remind our customers that the refund will be automatically applied to their monthly power bills. Customers do not need to fill out an application form to receive the refund,” said QEC’s President and Chief Executive Officer, Bruno Pereira.

The new FSR application is the result of the continued decrease in QEC’s fuel costs resulting in a surplus in the corporation’s FSR Fund. The surplus is the difference between the fuel prices reflected in the electricity rates and the actual cost of fuel paid by QEC.