Nova Scotia Power doesn’t plan to request an increase in base electricity rates for 2010.
The news comes after the power company hit customers with an average increase of 9.3 per cent for 2009, a hike approved by the Nova Scotia Utility and Review Board.
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“We know price stability is important to our customers and providing this information now will help them make plans for the next year,” said Rob Bennett, president and CEO. “As always, Nova Scotia Power is doing everything we can to control costs and manage our business within the base rates that have been approved by our regulator.”
World commodity prices provide reason for optimism that no upward adjustment in rates would occur in 2010 through the new Fuel Adjustment Mechanism, Bennett said in a release.
“Volatility in world commodity markets means many things can happen between now and the end of the year and while there are no guarantees, we are encouraged by the trend on fuel prices, especially for coal, in the early part of 2009,” Bennett said.
He noted the decision has no impact on Nova Scotia Power’s commitment to improve reliability.
Work on reliability initiatives is already under way.