Liberals to NSP: Prove Capital Investments Benefit Nova Scotians

February 17, 2012

(Halifax, NS) Liberal leader Stephen McNeil and energy critic Andrew Younger say if Nova Scotia Power wants to spend ratepayers' money to fund its capital projects, the UARB should force the electricity monopoly to prove that the expenditures will benefit Nova Scotians.

“Right now, we’re seeing NSP pump hundreds of millions of dollars - money collected from Nova Scotia electricity bills - into projects that benefit the monopoly’s bottom-line,” says McNeil. “This company is only accountable to shareholders - it’s time NSP answered to Nova Scotians.

McNeil believes Nova Scotia Power should have to demonstrate to the Utility and Review Board that any capital expenditure the monopoly is seeking approval for either improves reliability or lowers costs. Otherwise, McNeil says, capital projects that cannot be proven to benefit Nova Scotia ratepayers should be paid for by shareholders.

“This is a company that seems to earn record profits every quarter and funnels $100 million out of our province year after year,” says McNeil. “Why should Nova Scotians foot the bill for these investments by NSP if we aren’t benefitting?”

Younger, the Liberal energy critic, says that NSP should also be required to provide rate projections based on the impact of its capital projects.

“It’s one thing to talk about dollars and cents, but Nova Scotians want to know how their power bills are going to be affected,” states Younger. “NSP should be upfront with this information.”

“Nova Scotians are being steamrolled by Nova Scotia Power - if NSP is unwilling to be accountable, the best way to ensure that happens is by breaking the monopoly and allowing competition into our energy market.”

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