IRAC approves increase in electricity rates with Maritime Electric

Sunday’s flip of the calendar to October will bring with it an increase in electricity rates for Islanders.  The Island Regulatory and Appeals Commission has approved an application by Maritime Electric to raise rates starting October 1st.  It’s an increase of 0.33 cents per kilowatt hour, or 2.1% for residential customers, which works out to about 27-dollars per year through February of 2026.  Maritime Electric applied for the increase to cover costs with the unexpected shutdowns at New Brunswick’s Point Lepreau nuclear power plant.  The rate hike is on top of the 4% increase in May.