Power Bills in Nova Scotia May Spike as Utility Looks to Refinance $1B in Assets
The utility says lower borrowing costs could save customers $265 million over 30 years and would add a separate bill rider in 2027.
- On Friday, Nova Scotia Power Inc. filed an application with the Nova Scotia Energy Board to refinance nearly $1 billion in assets through securitization, a financial mechanism designed to lower borrowing costs.
- New regulations announced Friday empower the board to review the proposal, marking a reversal for Premier Tim Houston, who in January cited 'major concerns' about the company's $700 million asset valuation.
- The proposed framework expects to save customers approximately $265 million over 30 years, though residential power bills could rise 6.8% in 2027 when combined with a previously approved rate increase.
- Deputy Energy Minister Stephen MacDonald stated the government seeks "ways and tools to help lower power costs," while Houston said regulations give the board "space and authority" to conduct an objective review.
- The application remains independent of reports that Nova Scotia Power's parent, Emera Inc., plans to merge with Canadian Utilities Ltd., as the board evaluates the plan for approximately 550,000 customers.
13 Articles
13 Articles
N.S. clears path to review Nova Scotia Power financial plan promising $265M in savings
The Nova Scotia government is giving the provincial energy board the power to examine and potentially approve a proposal Nova Scotia Power officials say could save customers hundreds of millions of dollars 10 months after Premier Tim Houston questioned the viability of such a plan.
Financial Post
Business WireNova Scotia Power files plan to lower financing costs and help reduce future rate increases
HALIFAX, Nova Scotia — Nova Scotia Power has filed an application with the Nova Scotia Energy Board for a new way to finance costs tied to the province’s changing electricity system. If approved, the plan would reduce pressure on customer rates by lowering borrowing costs and spreading repayment over a 30-year period. Originally proposed and […]
Winnipeg Free Press
Power bills in Nova Scotia may spike as utility looks to refinance $1B in assets
HALIFAX - Nova Scotia Power Inc. is applying for permission to refinance nearly $1-billion worth of assets, including several coal plants scheduled to close by 2030.
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