Where We Buy Electricity
Maritime Electric is committed to providing our customers with the lowest cost electricity possible. Maritime Electric buys over 80% of PEI's electricity off-Island. While purchasing off-Island electricity is expensive, generating electricity from Maritime Electric's own generators on-Island is even more expensive. On-Island generation facilities are needed on PEI to generate electricity, if the supply of electricity from the mainland is disrupted. Maritime Electric’s generators in Charlottetown and Borden facilities use heavy fuel oil or diesel as fuel. Both of these produce electricity at a higher price than generating facilities located off-Island.
Securing Long-Term Contracts
Maritime Electric has long-term electricity supply contracts with NB Power with respect to Dalhousie and Point Lepreau facilities in New Brunswick. Maritime Electric also has long-term contracts with PEI Energy Corporation through its North Cape and East Point wind facilities for the purchase of Island-generated electricity from wind.
Short-Term Contracts
Electricity requirements that are not secured by Maritime Electric through long-term contracts are purchased through short-term contracts. The cost of electricity secured through short-term contracts is based on wholesale market pricing. This pricing is influenced by the demand and supply of electricity available for sale in the wholesale marketplace, typically in New England. The electricity available for sale is usually produced by fossil fuels, such as natural gas or oil.
