OEB announces 2010 electricity distribution rates for Festival Hydro Inc.

TORONTO, April 30 /CNW/ - Today the Ontario Energy Board (the Board) announced electricity distribution rates for Festival Hydro Inc. (Festival Hydro). The new rates are effective May 1, 2010.

For customers in Festival Hydro's main service area, the delivery line of electricity bills will increase by approximately 2.8% or $1.03 for residential customers using 800 kWh per month. In Festival Hydro's Hensall service area, the delivery line of electricity bills will increase by approximately 14.4% or $3.73. The delivery line represents about one-third of the total bill.

Festival Hydro requested $10,511,581 to cover their costs for the 2010 rate year. The Board approved $10,288,194.

In its Decision, the Board:

    
    -   Reduced Festival Hydro's proposed operations, maintenance and
        administration costs, depreciation costs and taxes by $185,669;
    -   Updated Festival Hydro's cost of capital to incorporate the Board's
        recent cost of capital parameters.
    

The Board also approved returning $2,148,257 to Festival Hydro's ratepayers, over a period ending April 30, 2014, to clear certain deferral and variance account balances.

A table of the estimated bill impacts on residential consumers is available on our website at http://www.oeb.gov.on.ca/OEB/_Documents/2010EDR/bill_impacts_2010.pdf.

For more information please refer to the 2010 Electricity Distribution Rates Backgrounder on our website site at http://www.oeb.gov.on.ca/OEB/_Documents/Press+Releases/bckgrndr_2010.pdf.

The Ontario Energy Board regulates the province's electricity and natural gas sectors in the public interest. It envisions a viable and efficient energy sector with informed consumers and works toward this vision through regulation that is effective, fair and transparent. For more information on the Board, please visit our web site at www.oeb.gov.on.ca or contact the Consumer Relations Centre at 416-314-2455 or toll-free at 1-877- 632-2727.

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For further information: Media Inquiries, Vanda Wall, Ontario Energy Board, [phone]; Public Inquiries, [phone], Or 1-877-632-2727