NS Power will ask for another rate hike
David Mann, the President of Nova Scotia Power, says the company will seek another increase to power rates next year. But he doesn't say by how much.
The news is contained in a statement accompanying the third quarter financial results of Emera, the power company's parent.
The balance sheet shows earnings at Emera are down $11 million over last year. Third-quarter profits at Nova Scotia Power have plunged 25 per cent compared with the same period last year.
Two weeks ago, the Utilities and Review Board granted Nova Scotia Power a 3.3 per cent increase in power rates. The company had been asking for 9 per cent.
The Board criticized Nova Scotia Power for not having a firm grip on the cost of paying executive salaries and purchasing foreign coal.