Regulator against Nova Scotia plan to reduce electricity ratesStaff writer ▼ | November 26, 2014
Nova Scotia's utilities regulator has blocked a plan by the provincial government that was aimed at reducing electricity rates in 2015.
No go $53 million in fees will remain in place
The board says Nova Scotia Power customers would otherwise be hit with steep rate increase next year as the utility would be required to pay off about $100 million in fuel costs that were not recovered.
The board's decision says Nova Scotia Power will also use $33 million in projected over-earnings to pay down its fuel bill, which will effectively keep rates stable next year.
Lawyers for the province argued that the government had promised rate relief in 2015, but the board concluded that delaying repayment of fuel costs would add $7.5 million in interest. ■