N.S. regulator greenlights 2.4% power rate hike; would be higher without bailout

A Nova Scotia regulator has approved a 2.4 per cent powerfulness complaint hike for 2025 to assistance the province’s inferior compensate for delays successful Muskrat Falls electricity.

But that fig for residential customers would person been acold higher without a national bailout.

Because of the delays, Nova Scotia Power had to acquisition substance astatine a higher-than-normal terms to supply energy to its customers.

In response, Ottawa offered the inferior a $500-million indebtedness warrant successful September to trim the costs of borrowing wealth to screen the added substance charges.

Ottawa announced the warrant to debar what it and the powerfulness institution estimated would person been complaint hikes of up to astir 19 per cent a twelvemonth to screen the costs of alternate fuels.

The Nova Scotia Utility and Review Board approved the 2.4 per cent hike, which is the magnitude the inferior tin complaint customers to screen its accumulated indebtedness for the fuel.

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The inferior helped wage for operation of the underwater transmission nexus betwixt Nova Scotia and Newfoundland that carries energy generated by the Muskrat Falls hydroelectric task successful cardinal Labrador.

But the monolithic dam and generating presumption has been inconsistent successful delivering energy implicit the past 5 years.

This study by The Canadian Press was archetypal published Nov. 29, 2024.