September 2, 2025 — Leads & Copy — Nova Scotia Power has reached a settlement with customer representatives for an upcoming General Rate Application (GRA), following more than six months of discussions and information sharing.
The utility expects to file the GRA and related settlement with the Nova Scotia Energy Board (NSEB) later in September, outlining the revenue required to support critical reliability investments. These investments are aimed at strengthening Nova Scotia’s electricity grid through storm hardening, vegetation management, and grid modernization.
The GRA supports the first two years of Nova Scotia Power’s five-year Reliability plan, which outlines more than $1.3 billion in required investments and was filed with the NSEB in December 2024. If approved, overall average rates will increase by 2.1 per cent in both 2026 and 2027, effective January 1 of each year. Residential rates are expected to increase by approximately 4.1 per cent in both years.
The rates also include savings of up to $90 million over the next two years (and up to $225 million over 30 years) through securitization of more than $700 million of thermal assets, planned for retirement by 2030 to meet environmental policies. The settlement includes maintaining the existing Return on Equity (ROE) target of 9 per cent and a maximum equity thickness of 40 per cent, allowing Nova Scotia Power to recover costs and generate earnings while remaining compliant with credit metrics.
Customer representatives involved in the settlement include the Consumer Advocate, the Small Business Advocate, the Industrial Group, the Berwick Electric Commission, Riverport Electric Light Commission, the Town of Mahone Bay, the Town of Antigonish, and Port Hawkesbury Paper.
Nova Scotia Power has had a presence in communities across Nova Scotia for over a century. As the primary electricity provider in Nova Scotia, the company is regulated by the Nova Scotia Energy Board and provides generation, transmission and distribution of electrical power to approximately 550,000 customers.
