REGINA – The Saskatchewan Rate Review Panel has pulled the plug on SaskPower’s plan to raise rates by about five per cent a year for three years.
The panel has approved an average rate increase of 5.5 per cent this year and given conditional approval for a five per cent hike next year.
The panel says there are concerns about SaskPower’s forecasting costs.
The need and timing of new projects has also been called into question and the panel says SaskPower should be clearer about its plans.
The utility usually asks for rate increases one year at a time, but last October applied for the three-year hike, saying it would give customers and the company better ways to budget.
SaskPower has said it needs the increase to pay for new projects and to keep pace with the province’s growing economy.
© The Canadian Press, 2014