Islanders' power bills are going up. Here’s what you need to know

Your electric bill is on the way up. Starting this month, Maritime Electric will be recovering costs associated with cleanup after post-tropical storm Fiona in 2022. The power utility says it is raising bills, but it's spread over years. In a statement, Maritime Electric told CBC to reduce the impact on customers the approved recovery is spread over time. Capital costs associated with replacing damaged equipment and infrastructure will be recovered over the 36-year life of those assets. While operating and financing costs, including repairs, labor, and carrying costs, will be recovered over eight years. For residential customers, Maritime Electric says that'll be a roughly 3.1% increase on their monthly bill for the foreseeable future, meaning if your household power bill is between $150 and $200 per month, that'll be an extra $5 to $6 on top. For the average business, which uses much more power and gets a discounted rate, a 2.8% increase, which could be around $60 to $70 per month. Earlier this year, Maritime Electric made its final arguments to recoup the $41.2 million it cost the company during Fiona. That included fixing and replacing lines, transformers, poles, paying for staff and overtime, as well as interest from borrowing cash to pay for cleanup. This summer, the Island Regulatory and Appeals Commission approved Maritime Electric to recover 90% of those costs, which amounts to roughly $37 million. That was the CBC's Cody McKay reporting, and in an email this afternoon, Premier Lance says he has directed the Department of Transportation, Infrastructure and Energy to intervene in the appeal by Maritime Electric at the PEI Court of Appeal.