Liberals failing to provide long-term plan for power rates
July 19, 2016
HALIFAX – The Nova Scotia NDP is concerned that today’s decision from the Utility and Review Board that power rates will increase by 1.3 per cent per year will just delay power rate increases for Nova Scotian families.
“This so-called ‘plan’ is just another smoke and mirrors attempt to distract Nova Scotians from focusing on the Liberals’ broken promises regarding electricity rates, and kick any substantial rate increase down the road past the next election,” said NSNDP Energy Critic Sterling Belliveau. “I worry ratepayers could be in for quite a shock in the year 2020.”
The Utility and Review Board decision will allow power rates to increase by 1.3 per cent in 2017, 2018, and 2019. Nova Scotia Power is guaranteed almost nine per cent profit based on provincial legislation. In 2020, the corporation could seek a substantial rate increase in order to reach this guaranteed rate of return. In 2014, the CEO of Nova Scotia Power’s parent company, Emera, was paid $4.6 million in compensation.
“McNeil and his Liberal government seem to have a loose relationship with the truth,” said NDP Leader Gary Burrill. “The Liberals told the people of this province that they would reduce power rates by breaking the monopoly of Nova Scotia Power and addressing the corporation’s guaranteed rate of return. They simply haven’t done those things.”
For more information, contact Kaley Kennedy at 902-229-6881.