The Nova Scotia government has announced it will introduce legislation aimed at reducing electricity bills.

Energy Minister Charlie Parker introduced the legislation during Nova Scotia Power’s latest rate increase hearing before the Utility and Review Board Tuesday evening.

“Planning a household budget is a difficult task.  The constant parade of rate hearings furthers that stress,” Parker stated in his speech to the board.

Parker said under the new legislation:

* Ratepayers will not pay the cost of executive incentives.

* The ratepayer-funded portion of executive salaries will be capped at a level comparable with senior officials in the public sector.   

* Shareholders will pay the difference between public and private sector pay. It’s expected this will save Nova Scotians hundreds of thousands of dollars in electricity costs every year.

* There will be no further rate increases before 2015.

* Any future rate applications by Nova Scotia Power must refer to a multi-year period, so as to decrease the cost of holding rate hearings annually.

Parker also asked the board to review the costs associated with the regulatory process. Each round of Utility Review Board hearings typically cost up to $2-million, Parker said.

“Both from the perspective of the utility’s internal operations and the intervenor-and-advocate-paid costs funded by ratepayers, to ensure Nova Scotians bear the lowest costs,” said Parker.

Progressive Conservative Leader Jamie Baillie said the changes mark a step forward, but he criticized the Dexter government for moving too slowly.

“I’m wondering where they’ve been for the last year as Nova Scotias have been crying out for these kinds of things,” Baillie told the Canadian Press. “I will point out we have this exact legislation in the house right now.”

Baillie says the Conservatives have introduced five bills aimed at reducing electricity bills, including measures that would eliminate executive bonuses, review the utility’s guaranteed return on equity and require the rate increases to be approved by the legislature.