Power profits prompt review - Metro US

Power profits prompt review

With Nova Scotians paying some of the highest power rates in the country, Liberal Leader Stephen McNeil is asking for a review of the province’s power utility, which this week reported drastically higher earnings than during their first quarter last year.

He put in a request to the Utility and Review Board to conduct a hearing on the rates, charges and regulations Nova Scotia Power Inc. charges its customers.

The utility’s parent company, Emera Inc., reported Wednesday the corporation’s earnings have increased from $26.1 million in the first quarter of 2007 to $57.9 million in 2008.

Finance Minister Michael Baker said McNeil made a legitimate request and agreed to back it up.

“I’m trying to make sure that, at the very least, we examine what our options are on behalf of the people of Nova Scotia,” he said.

McNeil said Nova Scotians shouldn’t be paying such high rates for power while the utility is reporting record profits.

“They should come back and justify their profits and why those rates should stay where they’re at,” he said.

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