Former prime minister Lester B. Pearson once observed that “Politics is the delicate use of blunt instruments.” Premier Tim Houston is all about blunt ...
"Emera CEO Scott Balfour has been overplaying his hand," writes Bill Black. "In May, he tried to bully the UARB into accepting NSP’s request for profit increases by saying that they would down tools on initiatives for cleaner and more reliable energy if they didn’t get their way." - ContributedFormer prime minister Lester B. Pearson once observed that “Politics is the delicate use of blunt instruments.
The premier is trying to dampen the pace at which electricity prices are increasing. Ironically, one source of the spike resulted from the last time the government substantially interfered in the rate-setting process. In 2012, the NDP made it difficult for the UARB to turn down the very bad deal for Muskrat Falls power.
Emera owns other utilities besides NSP. It is a valuable head office employer and a good supporter of the community — the Emera Oval and the Emera IDEA building on Dalhousie University’s downtown campus being two examples. This time, the legislation is not in their favour and they are deeply upset.
Standard and Poor’s, a bond rating agency, has downgraded the ratings outlook for NSP and Emera from stable to negative. That will increase NSP’s borrowing costs, adding further pain to ratepayers. There are already calls for the province to buy NSP. That would be a terrible idea, resulting in non-stop demands for government interference on a topic which neither the civil service nor the politicians understand.
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