For the first time, Nova Scotians will know what their power bill will be for the next three years.
“Nova Scotians are entering a period of unprecedented rate stability,” said Michel Samson, Minister of Energy. “Never before have they known what their electricity rate would be for the next three years. Now they do.”
The Utility and Review Board approved an agreement today, July 19, for base fuel cost increases that will see the trend of lower rates continue from 2017 through to the end of 2019. Power rates did not change for most customers in 2015, and they went down in 2016.
With the new agreement, rates will be lower than the expected cost of inflation for the next three years.
Power bills have two parts. The general rate charged by Nova Scotia Power, which will not change for the next three years, and the base fuel cost.
“We’ve achieved stable power rates while bringing in stricter environmental standards and emission restrictions, and aggressively transitioning to renewable energy,” added Mr. Samson. “Today, Nova Scotia is a national leader in reducing greenhouse gases.”
Greenhouse gas emissions in Nova Scotia are down by 30 per cent since 2005, and the province is on track to beat the 2020 goal to reduce greenhouse gas emissions to at least 10 per cent below 1990 levels.
Under the direction of the province, the Utility and Review Board is also working to bring in clear performance and reliability standards for Nova Scotia Power.
Nova Scotians will soon be able to see exactly how Nova Scotia Power is doing on reliability, storm response and customer service. If penalties are required, they will be paid for by shareholders.
Predictable and stable power rates and greater accountability to ratepayers are commitments of the province’s 2015 Electricity Plan, designed to make the electricity system work better for Nova Scotians.
The Utility and Review Board has directed Nova Scotia Power to submit a compliance report no later than Aug. 15