Business
A balanced decision by the UARB
A balanced decision by the UARB.
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nHALIFAX, Feb. 5 /CNW/ - Today's decision by the Nova Scotia Utility and\nReview Board (UARB) on Nova Scotia Power's fuel cost and previously approved\ncosts is balanced, said Nova Scotia Power President Ralph Tedesco.\n\n\nThe board approved a settlement agreement reached by a large group of\nNova Scotia Power's customers that will increase electricity rates by 3.8 per\ncent overall and 4.8 per cent for residential customers.\n\n\n\"We know that any increase in the price of electricity is difficult for\nmany of our customers,\" said Mr. Tedesco. \"Today's decision puts us on the\npath to ensuring that only actual fuel costs are reflected in the price\ncustomers pay for electricity.\"\n\n\nThe decision means the UARB will oversee a process to develop a fuel\nadjustment mechanism (FAM). Pending approval by the board, the fuel adjustment\nmechanism will ensure customers pay no more than the actual price of fuel Nova\nScotia Power uses to make electricity. The design and approval of a fuel\nadjustment mechanism will be conducted through a process established and run\nby the UARB.\n\n\n\"This is an important step to put in place a more open, transparent way\nof reflecting the actual cost of fuel in the price of electricity that our\ncustomers pay,\" said Mr. Tedesco.\n\n\nNova Scotia Power will carefully review the details of the board's\ndecision and looks forward to participating in the UARB's timetable for\nestablishing a FAM over the next several months.\n\n\n\"While there was unprecedented consensus among most of our customers in\nfavour of a settlement agreement, we also note that the board recognized the\nconcerns that others raised,\" added Mr. Tedesco. \"Nova Scotia Power is looking\nforward to working constructively with all interested Nova Scotians in\ndeveloping a better way for the UARB to deal with volatile fuel markets.\"\n\n\nFor broadcast use:\n\n\nA balanced decision.\n\n\nThat's the view from Nova Scotia Power today on the rate decision\nannounced today by the province's Utility and Review Board.\n\n\nN-S-P's president and C-E-O Ralph Tedesco says any increase in price is\ndifficult for many customers.\n\n\nEffective April 1, overall rates will go up three-point-eight per cent,\nwith residential customers paying four-point-eight per cent more.\n\n\nThe Utility and Review Board will now oversee work on estab...