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Nova Scotia Power Announces Rate Increase Agreement |
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Written by Staff
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Monday, 22 January 2007 |
Pending approval by the Nova Scotia Utility and Review Board (UARB), Nova Scotia Power announced early Monday an agreement has been reached regarding that company's annual application for rate increases.
The NSP-submitted agreement lowers the 2007 application for a 9 percent residential rate increase to an overall increase ranging from 3.8 percent to 4.6 percent, the latter being the increase for residential rates. All increases will be effective as of April 1, 2007.
The pending agreement also includes a petiton by Nova Scotia Power that the UARB initiate a "fuel adjustment mechanism" for the power corporation that will ensure that NSP customers will pay according to the actual cost of fuel used to make electricity.
President and CEO of Nova Scotia Power, Ralph Tedesco said today, "With the price of fuel on worldwide markets continuing to be so volatile, it's in everybody's interest that there be an open, transparent way to reflect in a timely manner the actual cost of fuel on the electricity bills of our customers."
NSP has requested that the UARB hold hearings on their proposed fuel adjustment mechanism on or before July 15 of this year.
An increase of 4.6 percent on residential power rates will increase the average customer's bill by approximately $3.50 per month. |
