QEC applies for third Fuel Stabilization Rider refund

IQALUIT, Nunavut (October 21, 2016) Qulliq Energy Corporation (QEC) has applied to the Minister responsible for QEC for a third Fuel Stabilization Rate (FSR) refund rider of 5.26 cents per kilowatt hour.

“This is the third consecutive fuel rider refund that QEC has requested since November 2015, and I look forward to consulting with the Utility Rates Review Council regarding QEC’s application,” said the Honourable Johnny Mike, Minister responsible for QEC.

The proposed refund covers the period from October 1, 2016 to March 31, 2017. If the refund application is approved, all customers will receive the refund with the exception of those in public housing who are subsidized under the User Pay Program.

“We would like to remind our customers that if approved, the refund will be applied to their monthly power bills automatically. Our 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 application for a third refund is due to 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.