MPI originally filed its preliminary 2022/23 GRA with the PUB in June and has since updated its application, which now requests a 1.2 per cent rate decrease. MPI routinely adjusts its overall rate indication after the initial filing as it refines its forecast closer to the start of the hearing.
MPI has also updated its rebate application, formalizing its rebate request to $335 million from the original forecasted amount of $202 million. If approved, this will be the second largest rebate in corporate history. In 2011, MPI rebated ratepayers $336 million.
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Rebate cheques will be mailed out in the winter of 2022. The average cheque amount and how many cheques will be mailed will be announced in coming months. To date, customers have received a total of $179 million in COVID-19 driven rebates.
Combining the requested 1.2 per cent decrease with the surplus rebate, customers can expect an average decrease in their 2022/23 insurance year Autopac premiums of approximately 26.1 percent.