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ARTICLE · 02 OCTOBER 2024

OEB To Review Incremental Capital Module Policy

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The Ontario Energy Board (OEB) recently announced that it will review and evaluate its Incremental Capital Module (ICM) policy.

CanadaEnergy and Natural Resources
David Stevens
David Stevens
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The Ontario Energy Board (OEB) recently announced that it will review and evaluate its Incremental Capital Module (ICM) policy. This could result in updates to how the OEB determines eligibility or applicability of ICM funding for Ontario utilities. The consultation will commence in October 2024, with outcomes expected by March 2025.

The ICM policy is designed to permit Ontario utilities to receive supplemental funding during an incentive ratemaking period for large capital expenditures that are not funded by existing rates. As explained in the consultation launch letter, the OEB's ICM policy has evolved over time, starting with the 2014 Report of the Board - New Policy Options for the Funding of Capital Investments: The Advanced Capital Module and continuing with the 2016 Supplemental Report: New Policy Options for the Funding of Capital Investments. There have also been many OEB decisions on applications from utilities seeking ICM funding over the past 10 years.

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