The January 13, 2026 hearing day in NSP's 2026 GRA closed with cross-examination of Board counsel's cost-of-service and cost-of-capital experts, a contested motion by Nova Scotia Power to reopen its case to introduce confidential securitization evidence, and the setting of final procedural dates.

M12451 · Nova Scotia Power Inc. - 2026 General Rate Application (GRA)

AI summary

Board counsel expert Dr. Sean Cleary (Exhibit N-32, Queen's University) testified on Return On Equity methodology, defending his use of total returns (yield-to-maturity) rather than income-only yields when calculating the market risk premium under the CAPM model, arguing that Concentric Energy Advisors' income-yield approach undervalues the risk-free rate and produces upwardly biased ROE estimates (Tr. pp. 1248–1261).
Board counsel expert Caroline Palmer (Synapse, Exhibit N-37) testified on Rate Design and Cost Considerations in the cost-of-service study, recommending the Board direct that the Minimum System Method and several other cost-of-service methodologies be subject to a future proceeding rather than overturning the parties' Consensus Agreement for this test period; she acknowledged not opposing the settlement but expressed concern that significant methodological changes agreed behind closed doors lack a publicly articulated rationale (Tr. pp. 1267–1346).
Contested cross-examination focused on Palmer's recommendation to apply a 1.5 kW/customer peak load-carrying capacity (PLCC) adjustment if the Board approves the Minimum System Method — a figure drawn from Minnesota's Northern States Power — with NSP counsel arguing no Nova Scotia-specific engineering analysis supports it and that it exceeds Ontario's board-approved generic 0.4 kW figure derived from a range of 0.2–1.0 kW (Tr. pp. 1287–1322; Exhibits N-63, N-64); Undertaking U-26 was issued directing NSP to provide revised Tables 1 and 2 from Palmer's evidence showing RC ratios using the 1.5 kW factor.
NSP Senior Director Blake Williams moved to reopen the utility's case to introduce commercially sensitive securitization evidence received from a third party on the afternoon of January 12; the Board declined to rule on materiality without first hearing the evidence, recessed into a confidential session at 12:11 p.m., and resumed in public at 2:25 p.m. with no further public disclosure of the confidential content (Tr. pp. 1347–1389).
Procedural dates were confirmed: undertaking responses due January 20, 2026; simultaneous closing submissions due January 30; reply submissions due February 6.

Disclaimer: This summary was generated by AI from the filings it describes. We take care to make it accurate, but errors are possible - and it isn't advice. Only the filings themselves are the record: if you're relying on something here, confirm it against the source documents or the Nova Scotia Energy Board's own record. Full disclaimer →

What was filed

Documents filed on this day

20260113-1 Hearing Transcript — 01/13/2026 (Pecurica, Willett, Williams, Flemming, MacIntosh) transcripts
20260113-2 Hearing Transcript — 01/13/2026 transcripts