« Back

NS Power Requests Timetable for Fall Rate Case

Halifax, Nova Scotia, July 18 2002: Nova Scotia Power Inc. (NSPI) has submitted a Notice of Application with the Nova Scotia Utility and Review Board requesting a timetable for a fall rate hearing to address a $49 million increase in its tax expenses in 2003.

"Filing this advance notice starts the regulatory process," said Nova Scotia Power spokesperson Margaret Murphy. "It informs the Board, intervenors, business partners and customers of our intentions, and helps ensure adequate time for regulatory review and implementation by January 2003." The Company will file evidence later this year.

In the Notice, the company is proposing to manage the higher tax expenses without seeking a further increase in power rates, beyond the general increase averaging 8.9 % already under consideration by the Board. "Our 2002 request, and lower fuel costs year over year, will help us absorb these substantially higher costs in 2003, " said Ms. Murphy.

In 2003, Nova Scotia Power's total tax bill will be approximately $83 million. This year, the company is paying approximately $34 million in taxes, including federal large corporation tax, dividend tax, and provincial capital tax and municipal property taxes.

Nova Scotia Power is a wholly-owned subsidiary of Emera Inc. (TSX:EMA)

About Emera Inc.

Emera Inc. (EMA-TSX) is a diversified energy and services company, with 550,000 customers and $4.0 billion in assets. The company has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric Company. Nova Scotia Power supplies over 95% of the electric generation, transmission and distribution in Nova Scotia. Bangor Hydro provides electricity transmission and distribution service to 110,000 customers in eastern Maine. It is a member of the New England Power Pool, and is interconnected with the other New England utilities to the south and with New Brunswick Power to the north. In addition, Emera Energy manages Emera's growing gas infrastructure investment portfolio, including its 12.5% interest in the Maritimes & Northeast Pipeline, which delivers Sable natural gas to markets in Maritime Canada and the northeastern United States; and an 8.4% interest in the Sable Offshore Energy Project offshore platforms and sub-sea field gathering lines. Emera Energy also incorporates Emera Energy Services, Emera Fuels, and Emera's business development activities.