Topic:"Accounting Policies" in M12600

Minister of Energy – Accountability for Nova Scotia Power (NSEB M12600) NSPI Responses to Consumer Advocate Information Requests 1 (b) Based on the above quote, NSPI was aware in 2018 the Company had collected 2 customer SIN without a vali...

AI summary NSPI was asked to explain why customer SIN data collected without a valid business reason under PIPEDA had not been expunged by 2018. NSPI responded that it initiated a process to identify and remove SINs from its systems, with a third-party expert certifying the deletion on March 27, 2026.

1 ccount Nur nber Amo unt due Jun 05 i $400 .24 Rates April per month Nov 23 1300 58 24. 1 2 (c) The CIS estimation subroutine was part of the original product implementation in 1997. 3 Any changes require custom development by a third-par...

AI summary The text discusses the CIS estimation subroutine, implemented in 1997, which uses historical data to estimate bills when meter readings are unavailable. It highlights that the subroutine is not trainable or capable of machine learning. The document also includes a request about how the subroutine works for customers with net-metering.

Minister of Energy – Accountability for Nova Scotia Power (NSEB M12600) NSPI Responses to NSEB Information Requests 1 Request IR-18: 6 7 (ii) The average credit amount of the 23,989 true-up bills described above for 8 residential customers...

AI summary The text discusses issues related to billing accuracy and customer concerns regarding estimated bills from Nova Scotia Power. It highlights that estimated bills led to increased customer escalations and accounts in arrears, though NS Power does not attribute this solely to underestimation. The ramp-up of true-up bills coincided with the return of AMI (Advanced Metering Infrastructure) to online status.

Cybersecurity Accountability REDACTED continuity purposes. Given customer complaints about overestimated bills and inaccurate billings, it appears NSP's back up billing estimate methods should be further reviewed. We understand the CIS pla...

AI summary The document discusses NSP's billing estimation methods following a cybersecurity incident. Customer complaints about inaccurate billing led to a review of NSP's backup systems. NSP plans to replace the CIS platform by mid-2029 with more robust contingency methods. In the interim, the cloud-based AMI platform is being used to mitigate billing disruptions.

Management's Discussion & Analysis As at February 23, 2026 Management's Discussion & Analysis ("MD&A") provides a review of the results of operations of Nova Scotia Power Inc. during the fourth quarter of 2025 relative to the same quarter...

AI summary This section of the document outlines the Management's Discussion & Analysis (MD&A) for Nova Scotia Power Inc. (NSPI) for the fourth quarter of 2025 and the full year of 2025, comparing results to 2024 and including selected financial information for 2023. It also discusses NSPI's financial position as of December 31, 2025, and notes that NSPI follows USGAAP and that its accounting policies are subject to approval by the Nova Scotia Energy Board.

NSPI has a NSEB approved FAM, allowing NSPI to recover fluctuating fuel and certain fuel-related costs from customers through annual fuel rate adjustments. Differences between prudently incurred fuel costs and amounts recovered from custom...

AI summary NSPI has a Fuel Adjustment Mechanism (FAM) approved by the NSEB, allowing it to recover fuel costs from customers. The NSEB released audit findings in October 2025, resulting in a $1 million disallowance for fiscal years 2022 and 2023, impacting Q4 2025 financials. Details are provided in note 5 of NSPI's 2025 consolidated financial statements.

Significant changes in the Consolidated Balance Sheets between December 31, 2025 and December 31, 2024 include: Increase millions of dollars (Decrease) Explanation Assets Receivables, net $ 140 Increased due to timing of billing and receip...

AI summary The Consolidated Balance Sheets show significant changes between December 31, 2025 and December 31, 2024, including increases in receivables, income taxes receivable, and regulatory assets, as well as changes in liabilities and equity due to factors like timing of payments, capital investments, and regulatory deferrals.

PENSION FUNDING For funding purposes, NSPI determines required contributions to its registered defined benefit pension plans based on smoothed asset values. This reduces volatility in the cash funding requirement as the impact of investmen...

AI summary NSPI determines pension fund contributions based on smoothed asset values to reduce volatility. In 2026, $10 million is expected for defined benefit plans, with $9 million for defined contribution plans. Investments are managed by external managers, focusing on long-term returns and risk management.

RISK MANAGEMENT INCLUDING FINANCIAL INSTRUMENTS NSPl's risk management policies and procedures provide a framework through which management monitors various risk exposures. The risk management policies and practices are monitored by the Bo...

AI summary NSPI's risk management framework includes policies and procedures monitored by the Board of Directors, with a focus on identifying, monitoring, and mitigating material risks. The company uses financial instruments like forwards and swaps to manage commodity and foreign exchange risks. Derivatives are accounted for under regulatory standards, with gains or losses potentially passed to customers through the FAM.

The Company has the following categories on the Consolidated Balance Sheets related to derivatives receiving regulatory deferral: As at December31 December31 millions of dollars 2025 2024 Derivative instrument assets (current and other ass...

AI summary The Company's Consolidated Balance Sheets show changes in derivative instrument assets, regulatory assets, and related liabilities as of December 31, 2025, and December 31, 2024, with a net asset of $2 as of December 31, 2025.

DISCLOSURE AND INTERNAL CONTROLS In accordance with National Instrument 52-109, Certification of Disclosure in Issuers' Annual and Interim Filings, the Chief Executive Officer and Chief Financial Officer of the Company will file a Venture...

AI summary The document outlines the disclosure requirements for the Company's annual consolidated financial statements and MD&A in accordance with National Instrument 52-109. It specifies that the Venture Issuer Basic Certificate does not require representations about the establishment and maintenance of DC&P and ICFR processes. The document also highlights the potential risks to the quality and reliability of filings due to limitations in these processes.

CHANGE IN ACCOUNTING POLICY The new USGMP accounting policy that is applicable to, and adopted by the Company in 2025, is described as follows:

AI summary The document discusses a change in accounting policy adopted by the Company in 2025, specifically referencing the new USGMP accounting policy.

The following projects experienced adjustments to their completion timeline. An overview of the changes and associated rationale is outlined below: Pillar Project Summary of Change Rationale Administration  Approval required for a credit...

AI summary Several administrative projects have had their completion timelines adjusted due to various reasons including invoice disputes, required approvals, withholding tax forms, holdbacks, freight charges, and deposits on returned items.

NOVA SCOTIA POWER PANEL 125 Cr-ex, (Roberts) 1 you were overbilling customers. 2 (Lanteigne) I think –– you're A. 3 absolutely right. So if we would have been 4 underestimating or overestimating, again, for many 5 customers those estimates...

AI summary The discussion addresses concerns about billing inaccuracies, particularly underpayment due to underestimated usage and seasonal fluctuations. Efforts to correct these issues involved deploying meter readers and using over-the-air data from AMI smart meters, leading to more accurate billing by March 31st and a return to normal billing processes.

NOVA SCOTIA POWER PANEL 321 Cr-ex, (Rudderham) 1 issues list. So that is our position with respect to any 2 further question. 3 (SHORT PAUSE) 4 THE CHAIR: So the Panel has discussed 5 and we believe that the issues relating to changes in 6...

AI summary The discussion focuses on the impact of changes in accounts receivable, with Ms. Rudderham requesting clarification on tracking increased carrying costs and their amounts for 2025 and 2026, as well as forecasts for returning to normal levels.

NOVA SCOTIA POWER PANEL 367 Cr-ex, (Mahody) INTERNATIONAL REPORTING INC. CERTIFIED COURT REPORTERS get to the point in November where it was possible. And finally, I think one of the pieces I touched on yesterday that's important to reiter...

AI summary The discussion highlights Nova Scotia Power's efforts in December to implement photo meter reads, resulting in 500 account adjustments and 157,000 estimated bills. While the option was made available, there was limited customer uptake. The speaker emphasizes that prioritizing photo reads over field meter reading led to a less favorable outcome.

NOVA SCOTIA POWER PANEL 389 Questions, (Melanson) 1 estimation had to continue beyond the period that it did, 16 for customers. 17 And in reading the evidence, it Q. 18 appeared to me that there might not be very much done to 19 the existi...

AI summary The text discusses the limitations of the Customer Information System (CIS) in improving estimation accuracy for customers. The discussion highlights the complexity of the system and the lack of feasible modifications to enhance accuracy, such as using data from multiple weather seasons. A new CIS project is mentioned, with a 24-month delivery timeline upon regulatory approval.

NOVA SCOTIA POWER PANEL 493 Questions, (Deveau) 1 Okay. Q. 20 Q. Okay. INTERNATIONAL REPORTING INC. CERTIFIED COURT REPORTERS 1 A. (Williams) ––– and procedures. 2 Q. Okay. 3 VICE CHAIR DEVEAU: So let's go back 4 to that list of policies,...

AI summary The proceeding discusses Nova Scotia Power's (NSP) policies, including a clarification that 13 policies are NSP-specific, while others were jointly developed with Emera but tailored for NSP. The discussion highlights differences in privacy requirements between NSP and Emera.