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.
The privately owned utility says the complicated financial scheme, known as “securitization,” could result in a 2.9 per cent surcharge on residential power bills next year.
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Including a previously approved power rate increase, electricity bills could rise 6.8 per cent in 2027.
Nova Scotia Power says lower interest rates from securitization will save customers $265 million over 30 years compared with not using the finance mechanism.
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Premier Tim Houston, who is an accountant, told CBC in January he was doubtful an accounting change would save money for ratepayers.
The premier, who is also the province’s energy minister, did not attend an Energy Department briefing about new rules enabling securitization on Friday.
So a permitted monopoly for an essential service will increase fees instead of allowing costs to touch profit margins? I am pretty sure Adam Smith would have something to say about that. Surely our ministers in charge of such economics — and our premier himself, who had to study economics as part of his accounting degree — have had to read Smith’s “Inquiry Into The Wealth Of Nations,” the book of How Capitalism Works. Assuming they passed their classes on economics, and I would not suggest that they failed them. Heck, the CEO of Emera which owns Nova Scotia Power, and the CEO of Nova Scotia Power, should obviously have had to study how capitalism works while in school. They must know it too. And yet, here they are.
You’ve got to be joking! They want to claim this after leading a take over merger with the Calgary power company?! I can’t think of any more corrupt of a utility then NS Power!