Power bills in Nova Scotia may spike as utility looks to refinance $1B in assets
Nova Scotia Power Inc. is applying for permission to refinance nearly $1-billion worth of assets, including several coal plants scheduled to close by 2030.
The privately owned utility says the complicated financial scheme, known as “securitization,” could result in a 2.9 per cent surcharge on residential power bills next year.
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Including a previously approved power rate increase, electricity bills could rise 6.8 per cent in 2027.
Nova Scotia Power says lower interest rates from securitization will save customers $265 million over 30 years compared with not using the finance mechanism.
Premier Tim Houston, who is an accountant, told CBC in January he was doubtful an accounting change would save money for ratepayers.
The premier, who is also the province’s energy minister, did not attend an Energy Department briefing about new rules enabling securitization on Friday.
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