Affordability is the top priority for our customers, so we are continuously focused on managing costs. Since 2014, we have kept increases in the price of electricity, on average, to below inflation. We have done so while becoming a Canadian leader in carbon reduction and a North American leader in wind power.
In December 2019, the Nova Scotia Utility and Review Board (UARB) approved Nova Scotia Power’s three-year fuel stability plan. In 2020, 2021 and 2022, residential electricity rates will increase an average of 1.2% each year.
This increase, which goes directly towards paying for renewable energy contracts and the fuel used to generate electricity, equates to about $2 per month for the average household. That figure varies based on an individual household’s electricity use. For example, larger homes with older appliances, or poor insulation, use more electricity, particularly during the winter months.
Our investments in diverse electricity sources, prudent fuel procurement, and strict corporate cost control have allowed us to offer greater predictability and stability for our customers. Power rates have been stable in Nova Scotia since 2014. Residential rates did not rise in 2015, they went down slightly in 2016, and they increased 1.7% per year in 2017, 2018 and 2019.
| Customer Class | Previous Rate Changes | Fuel Stability Plan | Eight Year Average | ||||||
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||
| Residential | 0.0% | -0.9% | 1.7% | 1.7% | 1.7% | 1.2% | 1.2% | 1.2% | 1.0% |
| Small General | -4.5% | -2.2% | 1.8% | 1.8% | 1.8% | 0.4% | 0.4% | 0.4% | 0.0% |
| General Demand | 0.0% | -1.3% | 0.9% | 0.9% | 0.9% | 2.0% | 2.0% | 2.0% | 0.9% |
| Large General | 1.5% | 0.0% | 3.7% | 3.7% | 3.7% | 0.0% | 0.0% | 0.0% | 1.6% |
| Small Industrial | 0.0% | -1.8% | 1.2% | 1.2% | 1.2% | 1.9% | 1.9% | 1.9% | 1.0% |
| Medium Industrial | 1.5% | 0.0% | 1.6% | 1.6% | 1.6% | 3.0% | 3.0% | 3.0% | 1.9% |
| Large Industrial | 1.5% | 0.0% | 1.4% | 1.4% | 1.4% | 3.0% | 3.0% | 3.0% | 1.8% |
| Total FAM Classes | 0.0% | -1.0% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.0% |
