Beginning next March, Prince Edward Island electrical rates will drop by an average of 14%, and remain frozen until Spring 2013. The rate reduction and freeze is a highlight from the 2010 Speech from the Throne.

“The reduction and freeze will result in millions of dollars in savings for Islanders,” said Premier Robert Ghiz.

The PEI Energy Accord has three main elements:

• Rate reduction
• Price stability
• Establishing Prince Edward Island as “the world leader in the integration of wind power”

An early measure of this accord will be the introduction of the Electrical Rate Reduction Act. Through legislative means, the act will take specific aim at the accord’s first goal—immediate rate reduction. As a result of this initiative, it is estimated that Island ratepayers will pay about $25 million less in electricity bills next year as compared to this year.