Nova Scotia Power: Ottawa negotiates bailout to avoid spike in rates [Video]

HALIFAX –

The Canadian government have offered a $500 million loan to Nova Scotia Power and the provincial government that will not only help green the power grid and meet greenhouse gas targets, but also avoid the impact of a 19 per cent rate hike for Nova Scotia Power customers next year.

Canada’s Minister of Energy and Natural Resources Jonathan Wilkinson was in Halifax Monday to make the announcement and said the $500 million loan addresses an energy shortfall due to significant and unexpected delays in receiving hydro electricity power from Newfoundland and Labrador’s Muskrat Falls power station to the Maritime Link.

“Stacking that kind of additional cost on top is not feasible at a time when cost of living pressures are already significant,” said Wilkinson. “This loan guarantee will protect all Nova Scotians. As folks will know here, Nova Scotians pay higher energy bills than many provinces in the country.”

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