(Montreal) Bill No. 2, which allows in particular to cap the indexation rate of the prices of the domestic distribution tariffs of Hydro-Quebec at 3%, was adopted Wednesday at the National Assembly.
This was highlighted by the Minister of Economy, Innovation and Energy, Pierre Fitzgibbon, in a press release.
“With this bill, the Quebec government is limiting the effects of inflation on the increase in the price of domestic rates by now providing for a 3% cap on the indexation mechanism. This measure is part of the actions targeted in the anti-inflation shield to limit the impact of the rise in the cost of living,” the statement said.
The bill also amended the Act respecting the Régie de l’énergie (CQLR, chapter R-601) to further regulate Hydro-Québec’s obligation to distribute electricity, in a context where a high demand for electricity is expected in the coming years.
“Today, we are fulfilling our commitment to limit the increase in Hydro-Québec rates for Quebecers to a maximum of 3%,” rejoiced Minister Fitzgibbon.
“We are also removing Hydro-Québec’s obligation to supply all industrial projects over 5 megawatts. With the new energy dynamic, we must allocate our energy wisely in order to meet our decarbonization objectives, while developing our strategic sectors,” he said.
As for low- and medium-power rates, aimed in particular at SMEs and institutions, they will be fully indexed as of April 1, 2023.
“Large power tariffs will also be fully indexed. Tariff L, aimed at large industries, will continue to be adjusted by a rate determined annually by the Régie de l’énergie in order to preserve its competitiveness,” the press release concludes.