Supporting necessary investments in the Yukon's electricity system
We have filed our 2023-2024 General Rate Application (GRA) with the Yukon Utilities Board.
The increases are needed so that we can make the investments required to reinforce the backbone of the Yukon’s existing electricity system. At the same time, the increases will also allow us to advance projects that will secure the supply of sustainable and reliable electricity in the territory, and programs that will help Yukoners take an active role in shifting peak demand for power.
| Proposed date of rate adjustment | Rate increase | Residential bill increase (1,000 kWh/month) | Commercial bill increase (3,500 kWh/month) |
|---|---|---|---|
| October 1, 2023 | 3.34% | 3.0% | 3.0% |
| January 1, 2024 | 8.44% | 0.0% | 0.4% |
| August 1, 2024 | 2.33% | 3.0% | 3.0% |
2024 update: The Yukon Utilities Board has not approved the October 1 date. They did approve a 10% rate increase effective January 1, 2024, which results in a 6.3% residential bill increase. However, this change was made when another charge came off bills, meaning the bill impact effective January 1, 2024 is zero.
The four main drivers of the rate increase are:
1. Growing demands for electricity.
The Yukon is the fastest growing province or territory in Canada. At the same time, more Yukoners are turning to electric heat and transportation than ever before. The Yukon’s peak demand for electricity has increased by 23% in the last five years and this trend is expected to continue with an additional 36% increase in non-industrial peak load forecasted by 2030.
2. Maintaining and upgrading the Yukon’s electricity system.
Built primarily in the 1950s and 60s, we must continue to maintain and upgrade the Yukon’s existing electricity system. At the same time, water licences for each of the Corporation’s three hydro facilities, which supply Yukoners with more than 90% renewable electricity each year on average, need to be renewed within the next five years.
3. Supporting the energy transition.
The way Yukoners both consume and produce electricity is rapidly changing. The increased use of electric heat and vehicles, rooftop solar panels and distributed sources of solar and wind energy require investments to increase the capacity of the Yukon’s generation, transmission, distribution, and storage resources. Investments in new technologies and demand-side management programs are also needed to bolster reliability and resiliency of the Yukon grid.
4. Rising costs of material and labour.
Like other sectors in the Yukon, Yukon Energy is faced with higher costs of doing business, which stem from rising inflation, increased labour costs, and supply chain delays and constraints. More resources are also needed to direct, plan, execute and oversee the growing number of complex projects we are undertaking.
General Rate Applications are a public process to ensure rates are fair and justified. The Yukon Utilities Board must approve any changes to rates before they are implemented. Our application is available below and at yukonutilitiesboard.yk.ca.
| Process Step | Date |
|---|---|
| Application filed by YEC | August 31, 2023 |
| Interveners register with the Board | September 22, 2023 |
| YEC workshop | October 11, 2023 |
| Information Requests (IRs) to YEC | November 1, 2023 |
| IR responses from YEC | November 29, 2023 |
| Oral public hearing | March 4 to 7, 2024 |
| Final and reply arguments | March 22 and March 29, 2024 |