HALIFAX — Ottawa has finalized a $500-million bailout to help Nova Scotia Power keep rates from skyrocketing due to delivery delays of Muskrat Falls electricity.
Emera, the parent company of Nova Scotia Power, confirmed the deal — first announced Sept. 16 by federal Natural Resources Minister Jonathan Wilkinson — in a news release Tuesday.
Wilkinson has said without the loan guarantee, average power rates might have gone up by close to 20 per cent over several years, while Nova Scotia Power CEO Peter Gregg has said he expects the loan would keep rate increases to"around the rate of inflation." The Nova Scotia utility helped pay for construction of the underwater transmission link between Nova Scotia and Newfoundland that carries electricity generated by the Muskrat Falls hydroelectric project in central Labrador.
While the 180-kilometre undersea link — known as the Maritime Link — was completed on time and on budget, Muskrat Falls has suffered through production difficulties and software problems within the Labrador-to-Newfoundland transmission system.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ottawa finalizes $500M bailout to Nova Scotia Power to keep rates in checkHALIFAX — Ottawa has finalized a $500-million bailout to help Nova Scotia Power keep rates from skyrocketing due to delivery delays of Muskrat Falls...
Read more »
Ottawa negotiating $500M bailout for Nova Scotia Power over Muskrat Falls delaysPeter Gregg, the CEO of Nova Scotia Power, centre, chats with federal Energy and Natural Resources Minister Jonathan Wilkinson, left, on Monday in Halifax.
Read more »
Nova Scotia premier repeats calls for Ottawa to pay for protecting Chignecto IsthmusHALIFAX — Nova Scotia's premier is repeating his government’s calls for Ottawa to foot the full bill to protect a vital strip of land that connects the...
Read more »
Nova Scotia legislature wraps after quick 10-day sitting, acrimony with OttawaThe rapid conclusion comes after the governing Progressive Conservatives called the House of Assembly back earlier than usual Sept. 5.
Read more »
Nova Scotia bill would kick-start offshore wind industry without approval from OttawaHALIFAX — The Nova Scotia government has introduced a bill that would kick-start the province's offshore wind industry without federal approval.
Read more »
Nova Scotia bill would kick-start offshore wind industry without approval from OttawaHALIFAX — The Nova Scotia government has introduced a bill that would kick-start the province's offshore wind industry without federal approval.
Read more »