Business Risk of Quebec Gas Utilities
Industrial Gas Users Association
Project completed July 2022
On behalf of the Industrial Gas Users Association and other customer advocates, Synapse analyzed the business risk of Quebec's two gas utilities for application in assessment of their appropriate rate of return and capital structure. Dr. Asa Hopkins testified that the Quebec utilities had not shown that they faced larger business risks from the province's decarbonization policies and therefore they did not warrant higher rates of return. He further argued that the Regie should require a more comprehensive analysis of energy transition and risk mitigating actions to be conducted before the utilities return for their next rate of return proceeding in a few years.