OEB announces 2011 electricity distribution rates for Hydro One Networks Inc.

TORONTO, Dec. 21 /CNW/ - Today the Ontario Energy Board (the Board) announced electricity distribution rates for Hydro One Networks Inc. (Hydro One) for the 2011 rate year. The new rates take effect January 1, 2011.

The delivery line of electricity bills will increase by approximately 6.9% or $4.45 for Hydro One's typical residential customers using 1,000 kWh per month. The actual impact for customers will depend upon how much electricity they use and the customer's specific rate class. The delivery line represents about 38% of the total bill for a typical Hydro One customer.

In its Decision, the Board:

    <<
    -  Established an overall Operations and Maintenance funding envelope of
       $535 million (a reduction of $50.2 million from applied-for levels);
    -  Reduced Hydro One's capital expenditures for 2011 to $438 million (a
       reduction $139 million from what Hydro One applied for);
    -  Approved some expenditures related to Hydro One's Green Energy Plan;
    -  Approved continuing Hydro One's rate harmonization plan;
    -  Updated the cost of capital to incorporate the Board's recent cost of
       capital parameters.
    >>

A table of the estimated bill impacts on residential consumers is available on our website at http://www.oeb.gov.on.ca/OEB/_Documents/2011EDR/bill_impacts_H1_2011.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.

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Contacts: Media Inquiries, Vanda Wall, Ontario Energy Board, 416-544-5171; Public Inquiries, Consumer Relations Centre, 416-314-2455, Or 1-877-632-2727