Nova Scotia Premier Announces Regulations to Consider $1 Billion Power Securitization Proposal
Premier Tim Houston has introduced regulations allowing the Nova Scotia Energy Board to review Nova Scotia Power's plan to securitize roughly $1 billion in costs. While the utility projects $265 million in long-term savings, opposition leaders criticize the immediate 2.9 per cent bill surcharge and the premier's reversal on the issue.
Nova Scotia Premier Tim Houston announced last week that new regulations will allow the Nova Scotia Energy Board to consider a proposal from Nova Scotia Power to securitize approximately $1 billion in costs related to coal plants and fuel. 
Houston stated that his change of heart regarding securitization stemmed from concerns about cost-of-living pressures facing residents. Under the proposal, Nova Scotia Power officials claim that securitizing these costs would save ratepayers about $265 million over the 30-year lifetime of the deal.
However, the financing arrangement would result in an additional charge, known as a rider, added to power bills beginning next year. The proposed securitization rider would add an extra 2.9 per cent charge on top of an existing 3.9 per cent rate increase for residential customers.
Opposition leaders have pushed back against both the financial impact and the premier's shift in position. NDP Leader Claudia Chender criticized Houston for making the issue political by previously taking a strong stand against securitization. 
Interim Liberal Leader Iain Rankin opposed the extra charge on power bills, stating it punishes Nova Scotians struggling with the cost-of-living crisis. Rankin also argued that Houston missed potential federal help by abandoning talks on the Atlantic Loop project.