Over the next two years, Nova Scotians will see their electricity rates jump by about 14 percent following a decision from the NS Utility and Review Board (NSUARB) to approve most of the rate increases proposed by Nova Scotia Power.
In their 203-page decision, the board ratified the majority of settlement conditions reached between Nova Scotia Power and customer groups after the provincial government legislated rate restriction on Nova Scotia Power back in November.
Rates will increase by 6.9 percent in 2023 and then another 6.9 per cent in 2024.
The Board’s decision indicated the rate increases were in the public interest, explaining that NS Power must be able to recoup increased costs, within reason.
The decision also maintained NS Powers’ return on equity of 9 per cent.
A few items were turned down in the Board’s decision, most notably NS Power’s request to include Maritime Link transmission capital projects into consumers’ rates.
