NDP to introduce bill to restrict Nova Scotia Power’s profits

Halifax - The NDP Caucus will introduce new legislation today to restrict Nova Scotia Power’s profits unless they meet a series of public-interest targets, including reliability of the grid and customer service.

“People in Nova Scotia have some of the highest electricity bills in the country. At the same time, we receive mediocre service from an unreliable grid,” said Claudia Chender, NDP Natural Resources and Renewables spokesperson. “Nova Scotia Power shareholders are guaranteed a high profit each year, and now they want to make it higher. We're not even guaranteed that the lights will work. The NDP’s plan will make Nova Scotia Power work for people.”

Nova Scotia Power’s application for a 10 per cent rate hike over two years is unaffordable for most Nova Scotians. To make matters worse, the private, for-profit company with a monopoly wants an increase in its rate of return.

“We will tie Nova Scotia Power’s profits to the things that actually matter to people – reliability of the grid, customer service, reduction of power bills, decarbonization, and more,” said Chender. “If Nova Scotia Power doesn’t meet the targets, their shareholders don’t get paid. It’s that simple.”

The NDP is proposing a suite of new legislation to help lower people’s power bills, restrict Nova Scotia Power’s profits, and address the climate emergency. Last week Chender introduced legislation to change the mandate of the Utility and Review Board to include equity and sustainability.

In 2015, Premier Houston said, “The concept of holding [Nova Scotia Power] to performance standards is a good concept. It's certainly one that I support.” That year, the Premier also introduced a private members bill that would have tied the utility’s rate of return to reliability standards.

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