Nova Scotia Power’s rate increases averaging 6.9 per cent in 2023 and 2024 approved by regulator
Nova Scotia’s utilities regulator has approved significant rate increases for customers of the province’s monopoly power company, in apparent defiance of the provincial government.
Nova Scotia Power faces federal and provincial requirements that compel it to retire its coal-fired power plants, which have lately made up slightly more than half of its total installed generation capacity. The board noted in Thursday’s decision that the company faces federal greenhouse-gas emission compliance charges estimated at $116-million in 2023, and $127-million in 2024.
“Nova Scotia is on the brink of unprecedented change in the energy sector,” the board said in its decision. “Government, regulators, and utilities will need to work collaboratively to mitigate the risks of this rapid change, and to ensure they meet the aggressive decarbonization goals set by federal and provincial governments.”
In justifying the rate hike, the board emphasized its role in maintaining fairness for ratepayers while allowing the monopoly utility to earn a reasonable profit. The province’s intervention prompted bond-rating agencies S&P Global and DBRS Morningstar to lower Nova Scotia Power’s credit ratings late last year. DBRS Morningstar downgraded the utility to BBB from A in December, citing what it described as “heightened and adverse political interference” that might harm the utility’s financial performance.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Community Healthcare Conversations draw a crowd in southwestern Nova Scotia | SaltWireICYMI There was a direct line of communication to Nova Scotia’s top brass in the provincial health care system at Community Healthcare Conversations in Yarmouth and Shelburne on Jan. 18. | SaltWire
Read more »
Skilled trades gap significant issue for Nova Scotia, committee hears | SaltWireThe gaps in the skilled trade sector caused by a wave of retirements without others pursuing those occupations have arrived much earlier than the expected ...
Read more »
Nova Scotia signs $365-million, 10-year contract with health tech firm for digital record systemNova Scotia says the ‘One Person One Record’ system will start rolling out at hospitals and other medical facilities in two years
Read more »
Wave of skilled trades retirements arrives in Nova Scotia sooner than expected | SaltWireGetting people to cover retirement losses is tough, and out-migration due to high rents is adding to the problem.
Read more »
Nova Scotia sex worker takes client to small claims court over unpaid feeAdvocates say non-payment is just one reason why sex workers have been fighting to decriminalize sex work
Read more »
Colchester County pharmacy part of new Nova Scotia pilot program | SaltWireTRURO, N.S. — A Colchester County pharmacy is part of a recently announced provincial pilot program offering some primary health-care services at 12 ...
Read more »