Nova Scotia Power to Increase Rates Over Next Two Years

By Bizclik Editor

 

Nova Scotia Power applied to the Nova Scotia Utility and Review Board a rate increase plan that will lead to a 3 per cent annual electricity price increase over the next two years. The proposed Rate Stabilization Plan is expected to affect Nova Scotians by adding an additional $3.50 a month to the average household power bill in 2013 and again in 2014.

“Any rate increase is difficult for families and businesses,” said Rob Bennett, President and CEO of Nova Scotia Power. “We’re trying to minimize the impact on our customers. That’s why we’re proposing a plan that will stabilize rate increases and give us all time to adjust to the rising cost of providing electricity in Nova Scotia.”

Why is Nova Scotia Power asking for the rate increase? The company explained that with decreases in pulp and paper production, the NS Power’s regular payments from NewPage and Bowater mills have been greatly reduced. Additionally, the transition from coal to clean and renewable energy resources has added upfront costs to Nova Scotia Power’s operations.

 

SEE RELATED STORIES FROM THE WDM CONTENT NETWORK:

Click here to read the latest issue of Business Review Canada 

Nova Scotia Power emphasized that the proposed Rate Stabilization Plan is to help with already accrued costs. Recovery of expenses accrued in 2013 and 2014, an estimated $120 million would need a different plan, one that NS Power expects to introduce in 2015.

"We know Nova Scotians are angry about rising electricity prices,” Bennett said. “We’re working hard to keep our costs as low as possible. We’ve reduced our workforce, and we’ve switched two of our four generation units at Lingan to seasonal use. But even the reductions we’ve made can’t make up for the lost contributions from the paper mills. The Rate Stabilization Plan isn’t a perfect solution, but we’re trying to do the best we can for everyone in a tough situation.”

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI