NS Power reducing capital spending plans for 2013

subscribe

Nova Scotia Power is reducing its request for capital spending to the Nova Scotia Utility and Review Board. The utility filed the reduced capital plan today as part of the Annual Capital Expenditure ACE Plan regulatory process. The changes reflect the positive results of major capital initiatives over the last few years and will help address rate pressure for customers.

“The last few years saw significant capital investment associated with our key priorities – adding more renewable energy to the system and investing in system reliability,” said Bob Hanf, President and CEO of Nova Scotia Power. “With both of these initiatives now seeing measurable results, the timing of a reduction in our capital investments is appropriate.”

Each fall, Nova Scotia Power submits its capital spending plan for approval. The plan seeks approval for capital projects that allow the utility to build new equipment such as renewable energy projects, maintain the transmission system, and re-invest in existing generation assets. The revised plan now includes $246 million in capital spending, down from the original amount of $337 million.

As part of the process to adjust rates for 2013 and 2014, the Rate Stabilization Plan helped keep the rate request lower than it otherwise would have been, but there continue to be challenges related to the loss of ongoing fixed cost contributions from the pulp and paper industry.

“We know our customers are concerned about rising electricity prices, and this is one example of the steps we’re taking to minimize pressure on rates,” said Hanf. “We are focused on striking a careful balance that ensures we invest enough in our system to maintain reliability and safety for customers.”

Nova Scotia Power is addressing customer concerns about affordability in a number of ways, including a company-wide effort to find additional savings, such as the reduced capital plan proposal. The company is also working with low income advocacy groups and government agencies to improve options for low income customers.

Related News

byron_unit_2_nuclear

Hitachi freezes British nuclear project, books $2.8bn hit

TOKYO - Japan’s Hitachi Ltd said on Thursday it has decided to freeze a 3 trillion yen ($28 billion) British nuclear power project and will consequently book a write down of 300 billion yen.

The suspension comes as Hitachi’s Horizon Nuclear Power failed to find private investors for its plans to build a plant in Anglesey, Wales, which promised to provide about 6 percent of Britain’s electricity.

“We’ve made the decision to freeze the project from the economic standpoint as a private company,” Hitachi said in a statement.

Hitachi had called on the British government to boost financial support for the project to…

READ MORE
Ontario election

Clean, affordable electricity should be an issue in the Ontario election

READ MORE

powerlines

UK Anticipates a 16% Decrease in Energy Bills in April

READ MORE

power lines

Japan's power demand hit by coronavirus outbreak: industry head

READ MORE

Trump's Pledge to Scrap Offshore Wind Projects

Trump's Pledge to Scrap Offshore Wind Projects

READ MORE