The province has approved a regulation for Nova Scotia Power to apply to the Energy Board for something it says will help make energy more affordable.
In a statement Friday, Premier Tim Houston says securitization is a tool to allow certain electricity costs to be financed at lower interest rates.
But before it is approved, Houston says they want to make sure the concept will bring costs down, so the independent Energy Board is looking into it.
“No politics. No predetermined outcome. Just one question: Will it help the people paying the power bills?
However, according to Nova Scotia Power it means ratepayers will pay an extra 2. 9 per cent on their bills.
Opposition slams the move
The official opposition says when it comes to Nova Scotia Power, the hits that people are expected to take just keep coming.
In a statement, Leader of the NDP Claudia Chender says Nova Scotians will now pay the utility a $1 billion bailout for retiring coal assets early.
“The news today means that Nova Scotians will be paying an additional charge on their energy bills that will last for up to 30 years. Next year alone the increase will be 2.9 per cent, costing families even more of their hard-earned money,” says Chender.
Chender adds, this is a complete reversal of Houston’s stance during the most recent general application hearings.
Liberals echo the NDP
Meantime the Liberals say it took the province ten months to move on a measure to help manage costs, but it only changes how they are paid and could end up costing ratepayers more.
In a statement, Interim Leader Iain Rankin says Nova Scotian’s deserve a “credible plan” to transition off coal by 2030 without spiking bills.
“The Premier, who has once again appointed himself Energy Minister, should have been there today to explain why he has reversed his position on securitization, an approach he once so aggressively opposed, and how his government will prevent its delays from costing Nova Scotians more,” says Rankin.
