Nova Scotia rates to jump 5.6 per cent
On January 1 residential ratepayers will see a 5.66 per cent increase in their light bills — about 3.5 per cent to Nova Scotia Power and the rest to an energy conservation program.
Nova Scotia Power says it needs the increase to cover the costs of buying cleaner, more expensive coal, and had originally asked for an immediate 9 per cent increase.
The regulator said in its decision that it accepted the utility's costs as accurate, but Nova Scotia Power will have to go with staggered rate increases over the next three years.
During hearings, some intervenors said that many customers would have seen a more than 10 per cent jump in rates next year.
Industrial customers will see their rates increase almost 7 per cent, while commercial rates will rise 6.2 per cent.
How big the rates hikes will be in 2012 and 2013 will depend on the cost of fuel.
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After adjusting for inflation, major utilities spent 2.6 cents per kilowatthour (kWh) on electricity delivery in 2010, using 2020 dollars. In comparison, spending on delivery was 65% higher in 2020 at 4.3 cents/kWh. Conversely, utility spending on power production decreased from 6.8 cents/kWh in 2010 (using 2020 dollars) to 4.6 cents/kWh in 2020.
Utility spending on electricity delivery includes the money spent to build, operate, and maintain the electric wires, poles, towers, and meters that…