Nanaimo resident Rick Butzelaar bought an electric vehicle less than two months ago and the savings so far have been significant, but he doesn’t have a home charger and a recent bid by BC Hydro to increase public charging rates has him concerned.
The provincial Crown corporation wants to raise rates at public electric vehicle charging stations by 15 per cent from Sept. 1, which the company says would allow it to recover the costs of providing them over 10 years.
When Butzelaar and his partner sold two gas-powered cars and bought an electric Volkswagen, he estimates they saved about $350 in the first month on fuel alone.
While researching electric vehicles, he said he discovered that all chargers aren’t the same, some charging much faster than others, some charging fees by the minute, and some by the amount of power consumed.
BC Hydro says the new rates would vary depending on the type of charger employed. Time-based charges would be between three and 60 cents per minute, and power-based charges from 33 to 44 cents per kilowatt hour. Extended-stay charges would be 40 cents per minute.
The BC Utilities Commission has appointed a panel to consider the July 28 application and is currently accepting public comments.
When Butzelaar found out BC Hydro was seeking a rate increase, he emailed the commission, urging the regulator to deny the company’s “illogical” request because it still wants to charge fees by the minute.
In its submissions to the utilities commission, BC Hydro says the proposed rate hike is “just and reasonable,” and will protect its other customers from the costs of providing power through public charging stations.
BC Hydro notified customers about the proposed rate increase earlier this month, prompting Butzelaar and others to write to the utilities commission, which posted public comment letters this week.
“I do not feel that BC Hydro should be granted a rate increase at their EV chargers at this time. First, they should not be allowed any increase until they change from by the minute to by the (kilowatt hour) charging,” wrote Warren Lemcke of Surrey.
“As I am sure you know, the rate that a vehicle draws electricity from a BC Hydro machine is determined by the vehicle, not the machine.”
Other letters echo Butzelaar and Lemcke’s concerns.
“There should be no problem in charging by the kilowatt hour rather then the minute,” wrote Saul Brudy of Nanaimo.
“BC Hydro already has infrastructure in place where they can read my home meter and charge me for the appropriate amount of kilowatts my home has used.”
“BC Hydro should be providing EV charging at a reduced rate to encourage people to switch (to) EV’s,” her letter says. “BC Hydro should be displaying leadership in encouraging EV ownership by providing non-market prices.”
Blair Qualey, president and CEO of the New Car Dealers Association, said he sometimes uses BC Hydro’s public charging stations for his electric vehicle.
He said he understands that BC Hydro needs to keep up with its own costs.
“But it doesn’t mean we necessarily like to see more costs being put on consumers in B.C.,” he said. “Consumers who are thinking about electric vehicles need as many incentives as possible to make that step.”
He said many people are curious about the costs of electric vehicle ownership, but “range anxiety” remains an issue, with confusion about how long a battery charge will last and how far it can take them.
“It just adds a further stumbling block, I think, in the process of consumers trying to make the decision to, you know, put their toe in the water for an electric vehicle,” he said.
Qualey said the association hasn’t decided on a formal position about the proposed rate hikes, but he said BC Hydro needs to be transparent and communicative to properly educate the public about the need for them.
“Folks can say, ‘geez, yeah, that makes sense. I don’t necessarily want to pay more, but I see where it’s going to help me and the province down the road,’ and they might accept it,” Qualey said.
BC Hydro did not immediately respond to requests for comment.
MONTREAL – Travel company Transat AT Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue edged lower.
The parent company of Air Transat says it lost $39.9 million or $1.03 per diluted share in its quarter ended July 31.
The result compared with a profit of $57.3 million or $1.49 per diluted share a year earlier.
Revenue in what was the company’s third quarter totalled $736.2 million, down from $746.3 million in the same quarter last year.
On an adjusted basis, Transat says it lost $1.10 per share in its latest quarter compared with an adjusted profit of $1.10 per share a year earlier.
Transat chief executive Annick Guérard says demand for leisure travel remains healthy, as evidenced by higher traffic, but consumers are increasingly price conscious given the current economic uncertainty.
This report by The Canadian Press was first published Sept. 12, 2024.
Companies in this story: (TSX:TRZ)
The Canadian Press. All rights reserved.
Dollarama Inc.’s food aisles may have expanded far beyond sweet treats or piles of gum by the checkout counter in recent years, but its chief executive maintains his company is “not in the grocery business,” even if it’s keeping an eye on the sector.
“It’s just one small part of our store,” Neil Rossy told analysts on a Wednesday call, where he was questioned about the company’s food merchandise and rivals playing in the same space.
“We will keep an eye on all retailers — like all retailers keep an eye on us — to make sure that we’re competitive and we understand what’s out there.”
Over the last decade and as consumers have more recently sought deals, Dollarama’s food merchandise has expanded to include bread and pantry staples like cereal, rice and pasta sold at prices on par or below supermarkets.
However, the competition in the discount segment of the market Dollarama operates in intensified recently when the country’s biggest grocery chain began piloting a new ultra-discount store.
The No Name stores being tested by Loblaw Cos. Ltd. in Windsor, St. Catharines and Brockville, Ont., are billed as 20 per cent cheaper than discount retail competitors including No Frills. The grocery giant is able to offer such cost savings by relying on a smaller store footprint, fewer chilled products and a hearty range of No Name merchandise.
Though Rossy brushed off notions that his company is a supermarket challenger, grocers aren’t off his radar.
“All retailers in Canada are realistic about the fact that everyone is everyone’s competition on any given item or category,” he said.
Rossy declined to reveal how much of the chain’s sales would overlap with Loblaw or the food category, arguing the vast variety of items Dollarama sells is its strength rather than its grocery products alone.
“What makes Dollarama Dollarama is a very wide assortment of different departments that somewhat represent the old five-and-dime local convenience store,” he said.
The breadth of Dollarama’s offerings helped carry the company to a second-quarter profit of $285.9 million, up from $245.8 million in the same quarter last year as its sales rose 7.4 per cent.
The retailer said Wednesday the profit amounted to $1.02 per diluted share for the 13-week period ended July 28, up from 86 cents per diluted share a year earlier.
The period the quarter covers includes the start of summer, when Rossy said the weather was “terrible.”
“The weather got slightly better towards the end of the summer and our sales certainly increased, but not enough to make up for the season’s horrible start,” he said.
Sales totalled $1.56 billion for the quarter, up from $1.46 billion in the same quarter last year.
Comparable store sales, a key metric for retailers, increased 4.7 per cent, while the average transaction was down2.2 per cent and traffic was up seven per cent, RBC analyst Irene Nattel pointed out.
She told investors in a note that the numbers reflect “solid demand as cautious consumers focus on core consumables and everyday essentials.”
Analysts have attributed such behaviour to interest rates that have been slow to drop and high prices of key consumer goods, which are weighing on household budgets.
To cope, many Canadians have spent more time seeking deals, trading down to more affordable brands and forgoing small luxuries they would treat themselves to in better economic times.
“When people feel squeezed, they tend to shy away from discretionary, focus on the basics,” Rossy said. “When people are feeling good about their wallet, they tend to be more lax about the basics and more willing to spend on discretionary.”
The current economic situation has drawn in not just the average Canadian looking to save a buck or two, but also wealthier consumers.
“When the entire economy is feeling slightly squeezed, we get more consumers who might not have to or want to shop at a Dollarama generally or who enjoy shopping at a Dollarama but have the luxury of not having to worry about the price in some other store that they happen to be standing in that has those goods,” Rossy said.
“Well, when times are tougher, they’ll consider the extra five minutes to go to the store next door.”
This report by The Canadian Press was first published Sept. 11, 2024.
Companies in this story: (TSX:DOL)
TORONTO – The U.S. Consumer Financial Protection Bureau has ordered TD Bank Group to pay US$28 million for repeatedly sharing inaccurate, negative information about its customers to consumer reporting companies.
The agency says TD has to pay US$7.76 million in total to tens of thousands of victims of its illegal actions, along with a US$20 million civil penalty.
It says TD shared information that contained systemic errors about credit card and bank deposit accounts to consumer reporting companies, which can include credit reports as well as screening reports for tenants and employees and other background checks.
CFPB director Rohit Chopra says in a statement that TD threatened the consumer reports of customers with fraudulent information then “barely lifted a finger to fix it,” and that regulators will need to “focus major attention” on TD Bank to change its course.
TD says in a statement it self-identified these issues and proactively worked to improve its practices, and that it is committed to delivering on its responsibilities to its customers.
The bank also faces scrutiny in the U.S. over its anti-money laundering program where it expects to pay more than US$3 billion in monetary penalties to resolve.
This report by The Canadian Press was first published Sept. 11, 2024.
Companies in this story: (TSX:TD)
The Canadian Press. All rights reserved.
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