Orders in Council Database

Under the authority of subsection 39(3) of the Hydro Corporation Act, 2007, the

Lieutenant-Governor in Council is pleased to direct the Board of Directors of

Newfoundland and Labrador Hydro that:

a) for each rate application to be filed with the Board of Commissioners of Public

Utilities relating to the period up to and including the year 2030, Newfoundland

and Labrador Hydro shall structure any application for utility rate increases such

that retail rate increases to domestic rate class customers attributable to

Newfoundland and Labrador Hydro shall be targeted at 2.25 per cent per year

(the "Hydro Target Rate Increase") and for other customers subject to Island

Interconnected rates in a manner that is compatible with the Hydro Target Rate

Increase;

b) any additional funding required for Newfoundland and Labrador Hydro to

mitigate Lower Churchill Project costs for customers subject to Island

Interconnected rates and achieve the Hydro Target Rate Increase for the period

up to and including 2030 be through Newfoundland and Labrador Hydro's own

sources, to the extent possible; and

c) Newfoundland and Labrador Hydro retire the 2023 Supply Cost Variance

Deferral Account balance of $271 million over the 2024 to 2026 period using its

own sources of funding.