HALIFAX, NS – Power rates in Nova Scotia are going down on January 1. Residential customers will see their rates reduced by just under 1%, and rates for small businesses will go down by more than 2%. For other customer groups, rates either stay the same as 2015, or go down slightly.
“Nova Scotians want stable, predictable power rates, and we are pleased to deliver them,” said Bob Hanf, President and CEO of Nova Scotia Power. “Our customers have made the investment, and our employees have done the hard work, to get us to a position of rate stability.”
For small business owners, it’s the second year in a row that electricity prices have gone down. Small business customers saw rates go down 4.5% on January 1, 2015. Residential customers saw no increase in rates in 2015, meaning the new price will be the lowest it’s been since 2013.
In November, Nova Scotia Power publicly committed to bringing forward a Rate Stability Plan early in the New Year. This plan will cover 2017, 2018, and 2019 with the goal of no general rate increases, and fuel rate increases of 1.5% or less per year – lower than inflation. This will extend the period of rate stability that began last year to 2020.
“All of our customers, from families to large businesses, will have stable, predictable and affordable electricity pricing that they can depend on and budget around,” Hanf said. “Our approach to rates, investments in diverse electricity sources, prudent fuel procurement, and strict corporate cost control allow us to offer greater predictability and stability for our customers.”
Nova Scotia Power is stabilizing electricity prices at the same time as completing the most rapid transition to renewable energy in Canada. NS Power has gone from generating 9% of electricity from renewable sources in 2007 to more than 25% in 2015, and will reach or exceed 40% by 2020. At the same time, NSP is cutting greenhouse gas emissions by 25%. In 2020, Nova Scotia will have a greater percentage of its electricity coming from renewables than Germany, which is recognized as a world leader in renewable energy.
|Small General || -2.2%|
|General Demand ||-1.3%|
|Large General || 0%|
|Small Industrial ||-1.8%|
|Medium Industrial ||0%|
|Large Industrial ||0% |
The Nova Scotia Utility and Review Board approved the 2016 rates in a decision on December 21. For more information on Nova Scotia Power’s commitment to rate stability and the Rate Stability Plan, please visit nspower.ca/ratestabilityplan