Nova Scotia’s Utility and Review Board has approved a plan that will see electricity rates rise by three per cent in 2013
and another three per cent the following year.
   
The board says that without Nova Scotia Power’s so-called rate stabilization plan customers would have faced much larger rate increases, particularly in 2013.
   
The province’s consumer advocate also supports the plan, saying it will even out rate increases.
   
According to the utility’s application, the increases will cover only a portion of its increased costs in each of the next two years.
   
The utility, owned by Emera Inc., says it will make up that revenue shortfall beginning in 2015.
   
Nova Scotia Power unveiled the stabilization plan after a public backlash over rising rates, the utility’s profit margin and
executive compensation.