Nova Scotia Power Corporation will reduce power rates effective January 1, 2016 in Nova Scotia.
Residential customers will see a reduction of 0.9 percent on their electric bills with small businesses seeing a 2.2 percent drop.
Bob Hanf, President and CEO of Nova Scotia Power said in a press release, “Nova Scotians want stable, predictable power rates, and we are pleased to deliver them. Our customers have made the investment, and our employees have done the hard work, to get us to a position of rate stability.”
Small businesses did see a reduction in their power rates of 4.5 percent in 2015 while residential power rates went unchanged.
Nova Scotia Power committed to a Rate Stability Plan in November that will be effective in the New Year. This rate plan brings stability to power rates well into 2020.
Mr. Hanf says, “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. 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.”
According to the press release, 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.
