2022-11-24 22:42:00

Emera Inc. Subsidiary Nova Scotia Power Reaches Settlement Agreement on General Rate Application, Includi

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Benzinga
By Business Wire

This news release constitutes a designated news release for the purposes of Emera's prospectus supplement dated August 12, 2021 to its short form base shelf prospectus dated August 5, 2021

Emera Inc. EMA and its wholly-owned subsidiary Nova Scotia Power (NS Power) announced today that NS Power has filed a proposed settlement agreement for its 2022-2024 General Rate Application (GRA) with the Nova Scotia Utility and Review Board (UARB). The settlement, which addresses both fuel and non-fuel rates, was reached between NS Power and key customer representatives, including Nova Scotia's Consumer Advocate, the Small Business Advocate, large customers represented by the Industrial Group, municipal utilities, Dalhousie University as well as advocates for the environment and low-income customers.

If approved by the UARB, the settlement will implement Bill 212, the provincially legislated cap on non-fuel rates for 2023 and 2024. The agreement addresses the recovery of fuel costs over the settlement period and would also establish a Demand Side Management (DSM) rider. Combined, these amounts would result in rate increases of 6.9% each year for 2023 and 2024. In addition, any under or over recovery of fuel costs would be addressed through the UARB's established Fuel Adjustment Mechanism (FAM) process.

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