HALIFAX, May 13 /CNW/ - Nova Scotia Power filed a General Rate
Application today (May 13) for the first time in three years, while
continuing to work with customer representatives on a better way to
address the rising cost of making electricity.
NS Power submitted its application to the Nova Scotia Utility and Review
Board (UARB) in order to start the regulatory process that would lead
to a public hearing in September. In the interim, the company continues
open discussions it began with stakeholders last month aimed at making
price changes more manageable for customers.
The General Rate Application filed today requests a revenue increase of
7.3 percent, averaged across all customer classes, effective January 1,
2012. For residential customers, the increase would be 7.1 percent -
roughly $8 per month on average. Smaller increases are forecast for
2013 and 2014.
NS Power has publicly proposed a three-year plan that would hold price
increases to 4 percent per year for 2012 to 2014. If discussions with
customer representatives produce an agreement-in-principle for such a
plan, NS Power will add it to the filing and request approval from the
NS Power has been able to avoid filing a General Rate Application for
three years, thanks to prudent management of expenses, accelerated tax
deductions from renewable energy projects, and the ability of the UARB
to adjust fuel expense recovery through the Fuel Adjustment Mechanism.
Of the many costs involved in providing electricity for Nova Scotians,
fuel is the only one that has been adjusted since general rates were
last set on January 1, 2009.
Since 2009, the company has made substantial investments in
infrastructure, reliability improvements, and recruiting and retaining
skilled workers. Those investments haven't been accounted for in rates.
The application can be viewed on the NS Power website at www.nspower.ca/2012gra.
This press release contains forward-looking information and
forward-looking statements which reflect the current views of Nova
Scotia Power with respect to the Company's objectives, plans, financial
and operating performance, business prospects and opportunities.
Wherever used, the words "would", "may", "will", "forecast",
"anticipate", "intend", "expect", "estimate", "plan", "believe" and
similar expressions identify forward-looking statements and
forward-looking information. Forward-looking statements and
forward-looking information should not be read as guarantees of future
events, performance or results, and will not necessarily be accurate
indications of whether, or the times at which, such events, performance
or results will be achieved. Nova Scotia Power disclaims any intention
or obligation to update or revise any forward-looking information or
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required under applicable
About Nova Scotia Power
Nova Scotia Power (TSX-NSI.PR.D) has provided electricity to Nova
Scotians for more than 80 years. The company provides electricity
generation, transmission and distribution services to almost 490,000
customers in the province. Nova Scotia Power is transforming its
generation to reduce its carbon footprint and enable new economic
activity by replacing fossil fuels with renewable energy sources. The
company has $4.0 billion in assets and approximately 2,000 employees
who are dedicated to safe work, enhanced customer service, system
reliability and serving their communities. Nova Scotia Power is the
largest wholly-owned subsidiary of Halifax-based Emera Inc., whose
shares are listed on the Toronto Stock Exchange and trade under the
SOURCE NOVA SCOTIA POWER INC.
For further information:
Nova Scotia Power
(902) 428-6474 (P)
(902) 229-3147 (C)