Nova Scotia's utility regulator has defied the provincial government and approved an average 14 per cent increase in electricity rates over two years.
Premier Tim Houston said last November that his government opposed the increase of 6.9 per cent in both 2023 and 2024, which had been agreed to by Nova Scotia Power and most customer representative groups.
"These principles ensure fair rates and the financial health of a utility so it can continue to invest in the system providing services to its customers." "Everybody understands that Nova Scotians are faced with a huge affordability crisis .... I think it's a number that is unaffordable for most Nova Scotians," he said.
It also cites federal and provincial environment provisions requiring Nova Scotia Power -- a subsidiary of Emera Inc. -- to retire coal assets and invest in infrastructure to meet a goal of having 80 per cent of its generation coming from renewable energy by 2030 and net-zero greenhouse gas emissions by 2050.
Meanwhile, there are other costs looming for Nova Scotia's ratepayers that could mean further rate hikes in the future. The board has also set up a special system -- referred to as a"storm rider" -- for a three-year trial, allowing the utility to receive rate increases to compensate for extreme weather costs.
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Utility board defies Nova Scotia government, allows 14 per cent power rate hikeHALIFAX — Nova Scotia’s utility regulator has defied the provincial government and approved an average 14 per cent increase in electricity rates over two years.
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