The government of Nova Scotia has passed legislation limiting a forthcoming rate increase to 1.8% over the following two years, excluding increases related to fuel costs.
The Nova Scotia Utility and Review Board received a request from Nova Scotia Power for a 14% increase over two years, and is anticipated to make a decision by the end of December.
The Public Utilities Act amendments, according to Natural Resources Minister Tory Rushton, are intended to lessen the impact of a rate increase on consumers.
Rushton has added that the rising cost of fuel that is affecting the private utility is likely to result in a significant increase for customers nonetheless.
The legislation also prevents the review board from increasing the utility’s rate of return on equity to more than 9. 25 per cent.
Nova Scotia Power has said the legislation will restrict its ability to make the immediate investments needed to strengthen the power grid and move to renewable sources of energy.
The Canadian Press first released this article on November 8, 2022.
The Nova Scotian government passes a law limiting rate increases for electricity.
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