The amount of electricity that was expected to be required by certain industrial customers on the island was significantly reduced with closures related to the pulp and paper industry. This produced significant savings in anticipated fuel costs. As a result, a balance accumulated in Newfoundland and Labrador Hydro's (Hydro) Rate Stabilization Plan (RSP) account between 2007 and 2013. This balance had to be returned to eligible customers: those who used, and paid for, electricity during part or all of the refund period (January 1, 2007, to August 31, 2013).
RSP Refund cheques were automatically issued to customers with an active electricity account beginning February 2017. There was no application required. Cheques were issued in the name of the primary account holder (name listed on the Newfoundland Power account).
Former customers were required to contact us between April 2017 and September 2018 to claim their refund and provide an updated mailing address in order to receive their cheque. The last day to contact us about the refund was September 28, 2018. Any balance will remain in Hydro’s RSP account.
Rates are set based on a forecast of how much electricity is anticipated to be needed and the corresponding cost of fuel. Because these two things are subject to change, Newfoundland and Labrador Hydro has a Rate Stabilization Plan so they can adjust rates annually to account for the "actual" amount and cost of oil used to generate electricity at the Holyrood Thermal Generating Station.
If you are a former or current Hydro customer, please contact Hydro directly for information about your refund.