Industrial Group submits comments on Draft Terms of Reference for NSPI variance account interest rate review

M12954 · Review of Nova Scotia Power Inc. Treatment of Variance Accounts

AI summary

The Industrial Group filed comments via counsel Nancy G. Rubin of Stewart McKelvey on July 21, 2026, responding to the Nova Scotia Energy Board's July 9, 2026 invitation for comments on the Draft Terms of Reference (TOR) for Matter M12954.
On Step 4 of the TOR, the Industrial Group recommends that analysis of optional interest rate treatment expressly consider the nature and purpose of individual Cost Deferral and variance accounts, comparable Canadian and North American jurisdictional approaches, common versus account-specific methodology implications, and impacts on customers and shareholders.
The Industrial Group notes that specific accounts under review — including the Fuel Adjustment Mechanism, Demand Side Management balances, Storm Cost Recovery Rider balances, the Securitization Deferral Account, and the Decarbonization Deferral Account — serve distinct purposes and may warrant differentiated interest rate treatment rather than a single uniform approach.
On Step 5, the Industrial Group suggests that LEI's independent report identify factors relevant to assessing appropriate interest treatment for future variance and deferral accounts, which would assist the Board and parties in subsequent proceedings while preserving Board discretion under s. 64AB of the governing legislation.

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