PEI examines long-term electricity costs

June 14, 2011 – A five-member commission
will examine the long-term future of Prince Edward Island’s energy sector. The
commission will include Roger King, Gerald Morneau, and Richard Hassard, and be
co-chaired by two prominent Prince Edward Islanders, Mike O’Brien and David
Arsenault. In addition to researching the factors surrounding electricity
costs, the commission will consult widely with Islanders. It is expected to
report publicly by September 2012.

The work of the commission is a key
component of the Prince Edward Island Energy Accord. First announced last fall,
the Energy Accord has succeeded in lowering Island electricity costs by 14% on
average. Overall, the Accord will save Islanders $50 million between March 2011
and spring 2013. After that, electricity costs are anticipated to rise roughly
in tandem with the consumer price index for the final three years of the Accord.

“With the two-year reduction in costs and
future stability, the Energy Accord has offered Prince Edward Island a great
opportunity,” said. “We can use this period of price reduction and stability to
examine new options for the province’s long-term future,” says Premier Robert
Ghiz.