Repairmen at work along Sherwood Street in Charlottetown in the days following Storm Fiona. (File photo)
Maritime Electric has raised its rates twice in 2023. The Commission has already approved another increase for this year and is evaluating another request for a raise.
The company requested permission in November to increase its rates to recover $37 million in repair costs attributable to Storm Fiona over five years.
If this request is approved, residential rates as of March 1, 2024 will have increased by 12% in one year.
Maritime Electric estimates the financial benefits of switching to smart meters at $30 million, in part because it would no longer have to manually read current analog meters.
The company also believes that these devices would help it respond more quickly in the event of a power outage.
Smart meters would also allow it to adopt variable rates which would be more advantageous for subscribers who use their most energy-intensive devices outside peak hours.
This concept is not new to Prince Edward Island where it has been talked about for years.
The City of Summerside, which has its own energy company, has been installing smart meters on some of its subscribers since 2010 to take advantage of its wind farm. It also began operating its new solar farm in December.