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Our research shows electricity is the main source of energy used by small-and medium-sized enterprises (SMEs) and it will be difficult for them to reduce their consumption. The high cost of electricity is a concern for many business owners, and the possibility of increases once Muskrat Falls comes online means entrepreneurs should be looking for ways to lessen the impact on their business.
The cost of the Muskrat Falls project is forecast to essentially double electricity rates for customers in the province. As a result, SMEs are looking at an additional cost of $179 million annually – leading to reduced profits and/or raised prices for consumers.
To ensure greater transparency and accountability for the Muskrat Falls project, as well as increased predictability on future rate increases, CFIB recommends that the Board of Commissioners of Public Utilities (PUB) provide oversight on the project.
What can you do?
With three years to go until Muskrat Falls comes online, now is the time to start looking at ways to help your business become more energy efficient. The TakeCHARGE program can help identify and pay for energy efficiency improvements for your business. Contact your power utility to learn more about your options: NL Hydro can be reached at 1-888-737-1296 and NL Power at 1-800-663-2802.
Have questions, got comments? You can reach our office at 1-888-234-2232 or by e-mail at [email protected]