|By Marketwired .||
|July 17, 2014 08:24 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/18/14 -- Enbridge Gas Distribution (Enbridge or the Company) today received a decision from the Ontario Energy Board (OEB) on the Company's application for an incentive regulation rate setting mechanism.
The decision provides the methodology for establishing rates for the distribution of natural gas for a five-year period (2014-2018 inclusive).
In its decision to approve Enbridge's proposal for a Custom Incentive Rate setting plan, with modifications, the OEB noted Enbridge's willingness to modify its proposals during the regulatory process to accommodate points raised by stakeholders and the OEB. The decision provides Enbridge the framework needed for anticipated investment in its Ontario natural gas distribution system and incents the Company to implement productivity efficiencies that benefit customers.
"This was an innovative submission and the first of its kind in Ontario," said Enbridge Gas Distribution President Glenn Beaumont. "We believe this is a balanced decision for both our two million customers and our investors while allowing us to continue to make required investments in the natural gas distribution system."
Enbridge will file the resulting rate order with the OEB for approval and anticipated implementation of distribution rates in October 2014.
The decision does not affect the commodity price for natural gas supply. Customers who choose to purchase their natural gas from Enbridge pay the same price the utility pays without mark up.
A copy of the decision is available at the OEB's website, www.ontarioenergyboard.ca.
About Enbridge Gas Distribution
Enbridge Gas Distribution Inc. has a more than 160-year history and is Canada's largest natural gas distribution company. It is owned by Enbridge Inc., a Canadian-based leader in energy transportation and distribution and one of the 2013 Global 100 Most Sustainable Corporations. Enbridge Inc. has been selected as one of Canada's Greenest Employers for 2013 and is one of Canada's Top 100 Employers. Enbridge Gas Distribution and its affiliates distribute natural gas to two million customers in Ontario, Quebec, New York State and New Brunswick. For more information, visit www.enbridgegas.com or follow us on Twitter @EnbridgeGasNews.