According to the president of Nova Scotia Power, legislation that would restrict rate rises would undermine the province’s plan to phase out coal by 2030.
According to Peter Gregg, the legislation would limit the privately owned utility’s capacity to make the quick expenditures required to both upgrade the power grid and transition to renewable sources of electricity.
Gregg advised lawmakers that they must make a decision since they cannot “logically” support the proposed bill and the province’s climate goals at the same time.
While the government’s measure would limit that to one percent, Nova Scotia Power is seeking the province’s regulator for a rate hike of roughly 14% over the next two years. 8% during the following two years, excluding increases related to fuel prices.
Bill Mahody, who argues on behalf of consumers before the Nova Scotia Utilities and Review Board, criticized the bill for overriding the independence of the regulator by setting power rates from the floor of the legislature.
According to Mahody, the legislation may increase the utility’s financing expenses, which would cause consumers to pay far more in the long run than the short-term savings from the government’s bill.
The Canadian Press initially released this article on October 31, 2022.
The committee rate measure, according to Nova Scotia Power, will impede climate goals.
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