Sun. Feb 25th, 2024

Nova Scotia Power wants to pass on the interest on a bill to consumers

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The head office of Nova Scotia Power , a subsidiary of Emera, in Halifax, Nova Scotia. (Archive photo)


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Nova Scotia Power plans to pass on to consumers interest on an unpaid bill of 24.6 million resulting from Storm Fiona.

On Friday, Nova Scotia Power proposed that the repayment of this debt, linked to cleaning up the damage left by Fiona, be spread over a period of five years starting in 2025, i.e. after the expiration of the provincial cap on the rate increase.

According to documents submitted to the Nova Scotia Public Utilities and Review Commission, this repayment plan will add 1, $7 million in interest bill.

Nova Scotia Power believes that it should not be responsible for these costs as the costs were prudently incurred and could not have been anticipated.

An unfavorable decision could have an impact on the financial health of the company and lead to a further lowering of its credit rating, i.e. below the investment grade, a situation which would be unprecedented for us and the Canadian utility companies, we can read in the application.

Nova Scotia Power requested in November to defer that nearly $25 million in debt to Fiona. The company also said it would like to recover this invoice from taxpayers over an unspecified period.

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Fiona cost Nova Scotia Power $114 million, causing a storm costliest in company history.

Cleaning up the Fiona damage cost the company $3 million in overtime business. Two million dollars were also spent on meals and travel for agents while almost 20 million went for contracts with external companies.

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