Ottawa is negotiating a $500-million bailout for Nova Scotia's privately owned electric utility, saying the money will be used to prevent a big spike in electricity rates.
The federal government is investing almost $200 million in several clean energy projects in Nova Scotia. As Global’s Skye Bryden-Blom reports, officials say it will help drive down power bills in the province – Jul 30, 2024Ottawa is negotiating a $500-million bailout for Nova Scotia’s privately owned electric utility, saying the money will be used to prevent a big spike in electricity rates.Inc.
Wilkinson says that without the money, the subsidiary of Emera Inc. would have had to increase rates by 19 per cent over “the short term.” Nova Scotia Power CEO Peter Gregg says the deal, once approved by the province’s energy regulator, will keep rate increases limited “to be around the rate of inflation,” as costs are spread over a number of years.The utility helped pay for construction of an underwater transmission link between Newfoundland and Nova Scotia, but the Muskrat Falls project has not been consistent in delivering electricity over the past five years.
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