Nova Scotia Power seeking rate hikes for 2013 and 2014
Posted May 8, 2012 09:25:07 AM.
This article is more than 5 years old.
Nova Scotia Power has announced it has filed a multi-year rate hike application with the Utility and Review Board, seeking rate increases of three per cent in 2013 and 2014.
A release from the company states the Rate Stabilization Plan will add about $3.50 to the average household monthly bill.
NSP CEO and president Rob Bennett says in the release that the plan will stabilize increases and give everyone time to adjust to the rising cost of providing electricity.
It will also delay the recovery of expenses related to the 2012-14 period that add up to about $120 million.
Nova Scotia Power blames the increases on problems in the pulp and paper industry, which have led to decreased revenue from NewPage and Bowater; and the transition from coal to renewable energy sources, which come with upfront costs but lead to future savings.
The full rate application and a summary document are available on the Nova Scotia Power website.
