The average consumer in Newfoundland and Labrador should expect to pay 51% more for electricity compared to their current rates once Muskrat Falls comes online, according to SRBP’s estimate. Nalcor figures available at the time of writing.the original version of this post suggested a rate increase of 51%.
A household that current pays $156 $179.25 a month for electricity (not including HST, basic charge or provincial rebate) will see their monthly charge increase by $94 $282 a month with Muskrat Falls included in 2020. Those calculations use Nalcor figures and current domestic electricity rates.
Former Premier Danny Williams, the man behind the project, dismissed the cost increases for the project as “mouse droppings” and nothing more than the “cost of doing business.”
Nalcor boss Ed Martin said last week that consumer prices would go up by an additional seven dollars a month due to the most recent increase. Martin didn’t explain that those calculations were merely the added costs from the latest increase added to Nalcor’s earlier forecast based on cost over-runs. What Martin also didn’t say was that Nalcor’s calculations started from an assumed price that was significantly higher than actual consumer rates at the moment.