Topic:"Financial Instruments" in M12663

3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 - 2 Further details regarding the expenses budgeted as part of this cost category are as follows: - Office Lease: These costs are to lease approximately 8,900 square feet of office space at Suite...

AI summary The document outlines the budgeted expenses for IESO Nova Scotia, including office lease costs, IT application software, managed IT services, and other IT costs. It explains the increase in office space costs compared to the 2025/2026 budget and the removal of certain subcategories due to changes in planning and funding.

2 Cost Category Cost Category 2025/2026 Budget($) (Millions) 2025/2026 Annualized Expenditures ($) (Millions) (A) 2026/2027 Proposed Budget ($) (Millions) (B) Difference($) (Millions) (increase)/decrease(A-B) Finance 0.16M 0.17M 0.65M (0.4...

AI summary The document presents a table outlining the budget and expenditures for various cost categories, including finance, financing costs on operating line of credit from the province, external financial audit, and payroll and accounting subscription services for the years 2025/2026 and 2026/2027.

NON-CONFIDENTIAL 1 Request IR - 10 2 Reference: Application, Exhibit D-1 3 (a) With respect to IESO NS's justification for interim relief: 4 i. Please provide further and better particulars to support IESO NS's claim that even with 5 a $10...

AI summary The document outlines a request for further information regarding IESO NS's justification for interim financial relief, including concerns about liquidity, lender reluctance, cost estimates, and alternative cost recovery options. A response confirms that the NSEB approved the request for temporary financial relief in February 2026.

NON-CONFIDENTIAL 1 Request IR - 4 2 Reference: Exhibit D-1 (page 40, lines 23–26) 3 IESO Nova Scotia explains that a minimum of $950,000 per month is required to ensure it can 4 meet its liabilities as they become due. 5 (a) Please explain...

AI summary The IESO Nova Scotia explains that a minimum of $950,000 per month is required to meet its liabilities. The NSEB approved temporary financial relief for IESO Nova Scotia on February 25, 2026. Supporting calculations and forecasts are referenced in the rebuttal submission and Mr. McFeters' affidavit.

NON-CONFIDENTIAL 40 financing costs for the reporting period. In a letter dated February 25, 2026, the NSEB 41 approved the immediate temporary financial relief requested in Exhibit D-1 of the 42 Application. The Interim monthly fees are e...

AI summary The NSEB approved temporary financial relief in February 2026, which is expected to reduce the IESO's Line of Credit usage by $3M - $4M in 2026-2027. The 2026/2027 revenue requirement application assumes full costs for payroll and accounting subscription services for the entire year, a 50% increase compared to the 2025/2026 application.

April 2025 - March 2026 Year to Dec 31, Fiscal 202 Q4 - FORECAST TO END ( ACTUAL BUDGET Forecast BUDGET Forecast BUDGET Total Income 2,675,000 2,675,000 500,000 537,500 3,175,000 3,212,500 Total Expenses 3,755,146 5,268,215 4,184,165 3,250...

AI summary The document presents a financial summary for the period April 2025 to March 2026, including income, expenses, and procurement figures. It also includes an A/P Aging Summary Report related to the IESO Nova Scotia.

As of December 31, 2025 CURRENT 1 - 30 31 - 60 61 - 90 91 AND OVER Total • Monthly Delta $ - ($702) $176 $759 $691 $906 ($1,043) ($303) ($411) ($281) ($287) ($347) ($370) ($975) ($1,459) ($1,449) ($1,237) Net Cash Balance - end of Month 51...

AI summary The text presents a financial summary with monthly delta values and net cash balances for different time periods, ending with a total accrued liability of $99,537.75 as of December 31, 2025.

NON-CONFIDENTIAL 21 Response IR - 4 22 23 Please note that the NSEB approved IESO Nova Scotia's request for temporary financial relief 24 pursuant to the Board's letter of February 26, 2026. 25 26 (a) Please refer to page 5 of IESO Nova Sc...

AI summary The NSEB approved IESO Nova Scotia's request for temporary financial relief based on a letter from February 26, 2026. The response references various documents, including a rebuttal submission and an attachment from RBC, and notes that no formal rejection letters were received from commercial lenders.

PARTIALLY CONFIDENTIAL (Attachment Only) 1 Request IR – 5 2 Reference: OIC 2025-210, July 15, 2025. 3 "The Governor in Council on the report and recommendation of the Minister of Finance and 4 Treasury Board and the Minister of Energy date...

AI summary The document references a request for information regarding a guarantee and postponement of claim in favor of the Royal Bank of Canada by the Minister of Finance and Treasury Board, and whether the IESO-NS sought financing from the Royal Bank of Canada despite the guarantee.

PARTIALLY CONFIDENTIAL 1 Request IR - 24 2 Reference: N-1(i), Exhibit B-2, pdf p.27-29 (Tables 13 and 14), forecast $0.58 million financing 3 costs on a $10 million provincial operating line at prime (4.5% plus 0.5%) with an assumption 4 t...

AI summary The Industrial Group (IG) requested detailed information regarding the use of a provincial line of credit, including the actual amount drawn, interest rates, balance assumptions, and potential cost savings from a temporary IESO-NS rider. Nova Scotia Independent Energy System Operator (IESO Nova Scotia) responded that as of March 5, 2026, $6.02 million was drawn on the line of credit.

PARTIALLY CONFIDENTIAL 21 22 23 24 25 26 27 (b) Please refer to DGT IR-16 part (c). The daily balance assumption supporting the $0.58M 28 was that the full $10M is drawn for all 365 days of the fiscal year at a rate of 5%, equaling 29 $0.5...

AI summary The text discusses a financial calculation involving a daily balance assumption for a loan, with a total of $0.58M. The $0.50M is based on a $10M draw over 365 days at 5%, and the remaining $0.08M is attributed to interest costs from a potential future loan. A reference is made to the IESO's reply submission regarding financing documents and draw schedules.

IESO Nova ScotiaFinancial Forecast - Summary April 1 2026 - March 31, 2027 Apr -26 Ma y-2 6 Jun -26 Jul- 26 Aug -26 Sep -26 Oct -26 No v-2 6 Dec -26 Jan -27 Feb -27 Ma r-27 202 7 Pro ent cur em 103 ,18 9 9 104 ,94 80, 949 110 ,94 9 110 ,94...

AI summary The IESO Nova Scotia Financial Forecast outlines projected financial figures from April 1, 2026, to March 31, 2027, covering various categories such as Proentcur, Facilities & Technology, Finance, Transition and Operational Planning, and Operations Base. These figures provide a detailed overview of expected financial inflows and outflows across different periods.

Financial Forecast - Procurement April 1 2026 - March 31, 2027 ІТЕМ 'otal Estimate 20% Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 2027 Total Other Capacity 0 Legal 10,000 10,000 20,000 Letter of Cre...

AI summary The document outlines a financial forecast for procurement activities from April 1, 2026, to March 31, 2027. It includes estimated costs for various items such as legal fees, letters of credit, technical support, and contingency reserves. The forecast details monthly allocations and total estimates for different procurement categories.

2% Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Total Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Payworks for payroll 1,250 1,250 1,250...

AI summary The table outlines forecasted financial figures for payroll, accounting services, and loan interest for the months of April 2026 to March 2027. Payroll and accounting services are consistently forecasted at $1,250 and $1,000 respectively each month, totaling $27,000 annually. The loan balance is forecasted at $10,000,000 for each month.

Project Work Plan and Schedule Date: March 10, 2026 Project Key activities Estimated Completion MAEA Objects FY 25/26 Year End Audit - Retain qualified accounting firm to conduct audit through competitive bidding - Select accounting framew...

AI summary The FY 25/26 Year End Audit project outlines key activities including retaining an accounting firm, selecting a reporting framework, completing audit working papers, drafting financial statements, and obtaining board sign-off. The audit must be completed by Q2 2026/27 and is governed by MAEA sections 9(a),(r),(s),31.

NON-CONFIDENTIAL 1 Request IR - 27 2 The application in Matter M12412 described a Provincial grant of $2.68 million to cover transition 3 costs. IESO Nova Scotia projected to use $1.23 million of that amount to pay for transition costs 4 i...

AI summary The document discusses a Provincial grant of $2.68 million intended to cover transition costs. As of March 31, 2026, $2.48 million is expected to be applied to transition costs, leaving approximately $0.20 million remaining from the grant.

NON-CONFIDENTIAL One-Time Transition Costs Category Table 15: 2025/2026 Revenue Application ($) (Millions) Actual Costs at December 31, 2025 ($) (Millions) Forecast Costs at March 31, 2026 ($) (Millions) HR Transition Planning and Change M...

AI summary The document outlines one-time transition costs categorized under various management and operational areas, along with actual and forecasted costs for 2025 and 2026. It also includes provincial funding and surplus figures.

NON-CONFIDENTIAL 21 (a) The primary members of IESO Nova Scotia's leadership team responsible for the planning, 22 developing for review and preparation of the permanent fee and cost recovery mechanism 23 are the President & CEO, General C...

AI summary IESO Nova Scotia is preparing a permanent fee and cost recovery mechanism for filing in Q1 of the 2026/27 fiscal year. It has accessed a $10 million line of credit from the Province but anticipates financial challenges in meeting liabilities by May 2026 if its application is not approved.

NON-CONFIDENTIAL 21 Response IR - 3 22 23 (a) Please refer to page 5 of IESO Nova Scotia's 2026/2027 Revenue Requirement and Fee 24 Application Rebuttal Submission of February 19, 2026. 25 26 (b) Please refer to page 5 of IESO Nova Scotia'...

AI summary IESO Nova Scotia responds to the Small Business Advocate's information requests regarding financial relief and line of credit requirements, referencing their 2026/2027 Revenue Requirement and Fee Application Rebuttal Submission and a letter from the NSEB approving temporary financial relief.

NON-CONFIDENTIAL IESO Nova Scotia (IG) IR - 4 40 Under the circumstances, IESO Nova Scotia believes that RBC's position is reasonable, 41 and would be repeated across the traditional and regulated commercial lending market. 42 Instead, IES...

AI summary IESO Nova Scotia acknowledges RBC's position as reasonable but emphasizes focusing on developing a revenue requirement application and a permanent fee and cost recovery mechanism rather than accumulating debt. They state that a monthly financing requirement of $950,000 is necessary to sustain operations based on the Board-approved 2025/26 revenue requirement of $5.31M.

Nova Scotia Independent Energy System Operator (IESO Nova Scotia) Responses to The Industrial Group (IG) Information Requests 80  approved future revenue, 81  meaningful credit history, 82  existing material assets, 83  or a loan guara...

AI summary IESO Nova Scotia discusses its need for revenue and financing, referencing the NSEB's recent decision approving the 2025/26 revenue requirement and the temporary financial relief request. It also mentions discussions with RBC regarding financing eligibility and the expectation of a permanent fee and cost recovery mechanism.

NON-CONFIDENTIAL i. Please refer to pages 4-7 of IESO Nova Scotia's rebuttal submission of February 19, 2026. For additional particulars of why the IESO projected it would be unable to meet its liabilities by May 2026 even with the Provinc...

AI summary The text references IESO Nova Scotia's rebuttal submission and a table outlining projected expenditures from the Provincial Line of Credit up to April 2026, highlighting the IESO's inability to meet its liabilities by May 2026.

Nova Scotia Independent Energy System Operator (IESO Nova Scotia) Responses to Consumer Advocate (CA) Information Requests 33 Delaying these significant cost categories to potentially manage liabilities due was not Date Revised Filed: Marc...

AI summary The IESO Nova Scotia explains that delaying significant costs related to office lease and IT infrastructure is not possible, as these are essential for operations. However, some expenditures can be postponed to accommodate temporary financial relief from NS Power fees, which are described as the lowest possible monthly fee to sustain operations.

- 4 Figure 1 Summary of findings, observations and conclusions # Report section Findings, observations, and conclusions and the 2025/2026 prorated budget.2 We note that 2025/2026 actuals were 2% lower than the prorated budget. This was lar...

AI summary The 2025/2026 actuals were 2% lower than the prorated budget, mainly due to lower administrative and procurement costs. The actuals were unaudited, but the NSEB has requested audited financial statements in future applications.

The following table details the breakdown of finance costs by sub-category for 2025/2026B, 2025/2026A, and 2026/2027B. ($ millions) 2025/2026B 2025/2026A 2025/2026A vs 2025/2026B % 2026/2027B vs 2025/2026B % 2026/2027B vs 2025/2026A % chan...

AI summary The table details finance costs for different fiscal years, including operating line of credit, external audits, and subscription services. The budgeting methodology assumes maximum funding from credit facilities due to uncertainty in IESO Nova Scotia's request for temporary financial relief.

10 Figure 26 – Summary of IESO Nova Scotia's response to Intervenors Topic Intervenor concern IESO Nova Scotia's explanation/supporting evidence provided101 Financial position The financial request is unsubstantiated, and it is unclear why...

AI summary IESO Nova Scotia explains that its financial request is supported by evidence showing that OM&A costs are partially offset by provincial funding, but procurement-related development costs require cash funding. The Provincial Line of Credit is insufficient beyond April 2026, and without interim relief, insolvency is expected to begin in May 2026.

- were unaudited, however, NSEB has directed IESO Nova Scotia to include audited financial - statements in future applications ". Further, at pdf page 4, DGT states: " Except as stated, - we have not audited or otherwise attempted to verif...

AI summary The document raises concerns about the reliability of forecasts and assessments due to reliance on unaudited actuals, questioning whether this limited DGT's ability to evaluate OM&A cost trends and variance explanations, and asking about compensating procedures undertaken by DGT.

The application requests approval for IESO Nova Scotia's ongoing operational, maintenance and administrative (OM&A) costs budget for fiscal year 2026/2027, in the amount of $13.08M, as well as transitional and operational planning costs in...

AI summary IESO Nova Scotia seeks approval for its OM&A costs budget and temporary financial relief due to the absence of a permanent fee recovery mechanism. The Board previously approved the temporary relief but criticized IESO Nova Scotia for delaying the development of a rate recovery mechanism and for submitting an incomplete application.

IESO NS – U-02 ATTACHMENT #1 Removed for Confidentiality Purposes 1 Undertaking U-3: 2 3 4 To explain the difference between the $5.05 million and $5.48 million referenced in response to Board IR-7. 5 6 Response U-3: 7 8 The text preceding...

AI summary The text discusses discrepancies in financial figures related to the IESO's spending, clarifies the 'Other Expense' category, and references the provision of unaudited financial statements. It explains that an outdated figure of $5.05 million was corrected to $5.48 million, and the actual spend is expected to be below the approved revenue requirement. The 'Other Expense' category includes travel costs for conferences and meetings.

1 Undertaking U-6: 2 - 3 To provide the confirmed WACC of IESO-NS that the $5 million owing from customers is being - 4 carried at. 5 6 Response U-6: 7 - 8 IESO Nova Scotia is currently funded by two primary sources: - 9 Provincial Line-of...

AI summary The document discusses the funding sources for IESO Nova Scotia, including the Provincial Line-of-Credit and NSPI Interim Fee, and their respective interest costs as of May 31.

- 12 2026. Source Amount % Allocation Interest Rate IESO Weighted Average Interest Rate Province of Nova Scotia - LOC $ 6,000,000 61% 2.234% (1) 1.368% NSPI Interim Fee (Feb – May 2026) $ 3,800,000 39% 6.590% 2.555% $ 12,475,000 100% 3.923...

AI summary The document outlines a funding allocation of $12,475,000, with $6,000,000 from the Province of Nova Scotia and $3,800,000 from NSPI's interim fee, allocated at 61% and 39%, respectively. The interest rates and weighted average rates are provided for each source.

- 15 the $10M Provincial Line of Credit and 12 months of interim fees from NS Power: Source Amount % Allocation Interest IESO Weighted Rate Average Interest Rate Province of Nova Scotia - LOC $ 10,000,000 47% 2.234% (1) 1.044% NSPI Interim...

AI summary The text outlines a financial arrangement involving a $10M Provincial Line of Credit and 12 months of interim fees from NS Power. The allocation percentages and interest rates are provided, with the Province of Nova Scotia and NSPI contributing different portions.

(3) The $950,000 Monthly Assessment has not been justified The IESO-NS has failed to provide adequate justification or evidentiary support for the proposed $950,000 monthly assessment. It is also unclear what the total payment will be incl...

AI summary The IESO-NS has not adequately justified the proposed monthly assessment of $950,000, and no documentary evidence has been provided to support the claim that IESO-NS will be unable to meet its liabilities by May 2026. The financial projections and assumptions underlying the assessment are not fully explained or supported.

(4) Alternatives to FAM-Based Bridge Financing Better alternatives exist that would protect ratepayers and maintain appropriate risk allocation and regulatory frameworks. The IESO-NS has presented the Board with a single option, with limit...

AI summary The document discusses alternatives to FAM-based bridge financing, suggesting provincial financing, phased fee implementation with guarantees, and expenditure pacing. It argues that the Province, not ratepayers, should provide bridge financing, and highlights the need for proper regulatory oversight to protect ratepayers and maintain cost causation.

28 response(s), specific (verbatim) criteria to qualify for financing and steps 1 2026 M12663 2 NOVA SCOTIA ENERGY BOARD 3 IN THE MATTER OF: The More Access to Energy Act 4 - and - 5 6 7 IN THE MATTER OF: An Application by Nova Scotia Inde...

AI summary The Nova Scotia Energy Board has issued information requests to the Nova Scotia Independent Energy System Operator (IESO-NS) regarding its financial records and revenue requirements. The requests are part of a proceeding related to the More Access to Energy Act and an application for approval of the IESO-NS's expenditure and revenue requirement for the test year ending March 31, 2027.

11 Request IR-9: - 12 Reference: N-1(i) Exhibit A-1, pdf p. 3-4, acknowledges submissions from Board 13 consultant Doane Grant Thornton (DGT) and stakeholders regarding the 2025/2026 14 application, but indicates IESO-NS was unable to addr...

AI summary The document requests clarification from IESO-NS regarding deficiencies in the 2025/2026 application, specifically concerning the lack of documentation to verify financial forecasts. It also asks whether IESO-NS can now address these concerns by providing supporting evidence for assumptions and costs in the 2026/2027 revenue requirement application.

- 26 (a) Please confirm the actual amount drawn down on the provincial line of 27 credit to date and the actual interest rate being charged. 1 2 (b) Provide daily balance assumptions and rate forecasts underlying the $0.58 million. 3 4 (c)...

AI summary The text includes several requests related to financial and operational planning, including confirming the amount drawn down on a provincial line of credit, interest rates, daily balance assumptions, draw profiles, and the use of restricted cash or grants to offset borrowing. There are also requests for explanations regarding external consulting costs and interconnection study recoveries.

- 26 (b) Please confirm whether IESO-NS agrees to annual caps for 27 transitional/Phase II and procurement sub-accounts and if so, propose 28 such a cap by sub-account. If not, why not? 1 2 3 4 (c) Please confirm whether IESO-NS would agre...

AI summary The text outlines several requests and inquiries directed at IESO-NS regarding the management of transitional/Phase II and procurement sub-accounts, including annual caps, eligibility criteria, carrying cost rates, capital inclusion, and a proposed permanent fee and cost recovery mechanism.

Reference: N-1, Notice of Application, Immediate Temporary Financial Relief Request, pdf p.3-4; and N-1(i) Attachment A, Affidavit of Michael McFeters pdf 45. Please provide copies of IESO-NS’s current and historical financial records list...

AI summary The document references a request for IESO-NS's financial records and highlights the organization's need for at least $950,000 in monthly revenue to meet its liabilities. This information is drawn from an affidavit and exhibits submitted in a regulatory proceeding.

Request IR-4: - Reference: Exhibit D‑1 (page 40, lines 23–26) - IESO Nova Scotia explains that a minimum of $950,000 per month is required to ensure it can - meet its liabilities as they become due. - a) Please explain how this $950,000 wa...

AI summary IESO Nova Scotia requests relief, stating that a minimum of $950,000 per month is needed to meet its liabilities. The request includes questions about how this amount was calculated and a forecast showing why IESO would be unable to meet its liabilities without the relief.

Request IR-28: - On pages 38 and 39 of its application, IESO Nova Scotia provides a "simplified calculation for the Net Revenue Requirement Deferral and Variance Mechanism": - a) Will IESO Nova Scotia be preparing an administration manual...

AI summary The document contains two regulatory requests (IR-28 and IR-29) directed at IESO Nova Scotia. IR-28 asks for clarification on the Net Revenue Requirement Deferral and Variance Mechanism, including administrative procedures, financial implications, reporting requirements, risk transfer, and cost containment strategies. IR-29 inquires about the tax treatment of monthly payments made by Nova Scotia Power on behalf of IESO Nova Scotia.

2. Calculation of the $950,000 monthly fee In determining the interim fee portion of the application, IESO Nova Scotia undertook a practical exercise with simple cash modeling, with a view of trying to arrive at the lowest possible monthly...

AI summary IESO Nova Scotia developed a cash flow model to determine the minimum interim monthly fee of $950,000 required to sustain operations through November 2026. The model assumes no procurement cost recovery, excludes Phase 2 implementation costs, and considers OM&A and procurement budgets for 2026/27.

C. CONCLUSION The circumstances described in this rebuttal demonstrate that temporary financial relief is urgently required to ensure IESO Nova Scotia can continue its operations during the transition mandated by the MAEA. Even with full u...

AI summary IESO Nova Scotia requests temporary financial relief to avoid insolvency during the transition mandated by the MAEA, citing inability to meet liabilities by May 2026. They propose using the FAM as a temporary tool and address intervenor concerns regarding prudency and evidentiary sufficiency. A minimum of $950,000 monthly is required to prevent insolvency during this period.

27 1 (iii) quantitative testing of underlying assumptions. 11 (b) Does DGT agree that continued operation of a deferral mechanism (now 12 proposed in perpetuity) without these safeguards increases the risk of: 13 (i) unmanaged cost overrun...

AI summary The text raises concerns about the continued use of a deferral mechanism without safeguards, highlighting risks such as cost overruns, retroactive recovery, and diminished accountability. It also questions the appropriateness of approving a revenue requirement and deferral mechanism in the absence of governance instruments and explores differences between utilities and ISOs regarding capital deferral practices.

ieces accruing to IESO NS could have been resold, IESO NS did not actually [ 41 ](#page-27-1) IESO NS Opening Statement, Exhibit N-16. [ 42 ](#page-27-3) Report of the Auditor General of New Brunswick, Performance Audit, Volume 1, Chapter...

AI summary The IESO NS faced significant financial risks due to its arrangement with the New Brunswick Board, which exposed ratepayers to potential losses. The IESO's history of risk-taking is highlighted by its last-minute request for interim financial relief amid insolvency concerns, which the Board granted to prevent further harm, but criticized as a poor start for the organization.

MAEA ), the Ontario IESO annual reporting includes a financial performance analysis comparing actual results for its core operations, with narrative explanation of material variances.[83](#page-17-0) In contrast with the approach taken by...

AI summary The text discusses annual reporting improvements, comparing the Ontario IESO's public disclosure of financial performance, executive compensation, and benchmarking methodologies with the IESO-NS approach. It notes the lack of comparable information from IESO-NS in this proceeding and references related regulatory matters and legal decisions.

that provides some measure of flexibility and assurance that 276 it will have the funds to carry out its mandate irrespective of which "bucket" of spend that the 277 associated costs might fall. 278 279 IESO Nova Scotia acknowledges that t...

AI summary IESO Nova Scotia acknowledges its current early stage and expects improved budget predictability as it achieves full staffing. It has implemented mechanisms like the OM&A Deferral and Variance Account (M12412) and the proposed Net Revenue Requirement Deferral and Variance Mechanism (DVM) to manage costs and ensure regulatory oversight.

14 M12633 Transcript, June 25, 2026, pages 120 - 122. 297 Undertaking U-7. 298 299 The not-for-profit nature of IESO Nova Scotia is a significant factor that must be taken into 300 account. If IESO Nova Scotia does not have the funding to...

AI summary The not-for-profit status of IESO Nova Scotia is highlighted as a critical factor in its ability to fulfill its mandate. Without adequate funding, it would be unable to perform essential functions such as energy system planning, resource procurement, and ensuring electricity supply reliability. Mr. Johnston emphasized the importance of accurate forecasting in the context of the Board's expectations.

24 M12633 Transcript, June 25, 2026, pages 396. 544 545 In principle, the DVM is merely an extension of the Board-approved Net OM&A Deferral and 546 Variance Account under M12412, which was revised in order to achieve two main objectives:...

AI summary The DVM is an extension of the Net OM&A Deferral and Variance Account under M12412, aimed at simplifying its calculation and capturing all aspects of IESO Nova Scotia's revenue requirements. DGT responded to concerns about bifurcating costs into sub-accounts, stating that while sub-accounts may be used for tracking, they do not affect the overall efficiency or transparency of financial statements.

1 Office Costs - 2 Throughout the Application, the IRs and during the hearing, a great deal of time was spent - 3 reviewing the 2025/2026 expected results, with the acknowledgment that the final audited - 4 financials had not been complete...

AI summary The document discusses concerns raised about the IESO-NS 2026/2027 budget, particularly the allocation of Office Costs, including a significant 'Other Expense' category. The SBA argues for greater transparency and accountability by separating travel-related expenses into a distinct category. The discussion also highlights the need for an accounting policy review to ensure clarity in budget breakdowns.

9 Summary - 10 The SBA respectfully submits that, along with IESO-NS having to work to develop its historical - 11 experience, the NSEB and stakeholders are still working on und~rstanding how the IESO-NS will - 12 operate and be held accou...

AI summary The Small Business Advocate (SBA) submits several recommendations to the Nova Scotia Energy Board (NSEB) regarding the Nova Scotia Independent Energy System Operator (IESO-NS). These include ensuring transparency in budgeting, accounting for employment vacancies, separating travel expenses, managing financial risks, capping a deferral account, and developing a plan for imprudence.

1 early stage, vacancies and external support costs must be understood together, as IESO Nova 2 Scotia requires flexibility to carry out its mandate while continuing to recruit and work toward 3 steady-state operations. 4 5 IESO Nova Scoti...

AI summary IESO Nova Scotia emphasizes the need for flexibility in its operations and the proper inclusion of procurement-related costs in the Application. It also supports the approval of the DVM as an extension of the Net OM&A Deferral and Variance Account, aligning with prior Board direction in M12412.

OPENING STATEMENT 27 IESO NOVA SCOTIA 1 In these roles, I've testified in 10 '26 proceeding remained ongoing. As a result, there was 11 no opportunity to incorporate feedback from the '25-'26 12 decision into this filing. 13 IESO Nova Scot...

AI summary IESO Nova Scotia acknowledges feedback from the Board and intervenors regarding the '25-'26 proceeding and is working to incorporate it into future applications. The current Application focuses on the '26 to '27 fiscal year and is part of a broader regulatory and financial framework development, including initiatives like the enduring fee recovery mechanism and integrated resource plan.

INTERNATIONAL REPORTING INC. CERTIFIED COURT REPORTERS 1 go up to Attachment number 5 on page 7, that seems to be 2 reflective of the provincial loan drawdown. Is that 3 accurate? 4 [2:20:00] A. (McFeters) So the schedule that's 5 the sche...

AI summary The discussion revolves around the provincial loan drawdown schedule, highlighting discrepancies between the initial budget assumptions and the actual drawdown amounts over specific months in 2025 and 2026.

1 fulsome response. The question was: 2 3 4 5 6 Please specifically list all stated objects and activities under the More Access to Energy Act, which are not yet in force and the expected timeline. 7 I appreciate you had some questions 8 a...

AI summary The text discusses questions regarding the More Access to Energy Act, specifically about provisions not yet in force and their impact on Phase II plans. It also addresses the IESO's capitalization policy and the process for finalizing it, with references to audits and draft documents.

IESO NOVA SCOTIA PANEL 215 Cr-ex, (MacAdam) 1 50 of 79, IR-19. And this talks about it indicates 2 question talks about the forecast .58 million financing 3 cost and a $10 million provincial operating line. And 4 then question (c) says sor...

AI summary The text discusses the financial assumptions and rate forecasts related to a potential loan for the IESO, which was initially considered for financing but later deemed unfeasible. The additional $0.08 million relates to interest costs from this loan, which is no longer included in the 2026/2027 Application.

IESO NOVA SCOTIA PANEL 227 Cr-ex, (MacAdam) 1 employee salary costs, you have things like travel, 17 of answers given and references to I believe you 18 described it as an unaudited financial statement, and 19 there's been some responses w...

AI summary The document discusses an undertaking (U-5) to provide an unaudited financial statement and references a deferral account, specifically the OM&A (Operating and Maintenance and Administration) component. The context involves a regulatory proceeding involving the IESO Nova Scotia Panel and the NSEB.

IESO NOVA SCOTIA PANEL 371 Cr-ex, (Rudderham) 1 Q. So this is a table of spending by 19 Is the IESO NS able to provide Q. INTERNATIONAL REPORTING INC. CERTIFIED COURT REPORTERS 1 the actuals as an undertaking for the I'm only looking 2 at...

AI summary The proceeding discusses the IESO's procurement expenses over a four-month period, with the IESO acknowledging that actual spending data is not readily available but estimating it to be approximately $2 million based on forecasts. The discussion centers on financial transparency and the availability of procurement data.

IESO NOVA SCOTIA PANEL 395 Cr-ex, (Rudderham) 1 discussed that any of those would be recovered by IESO 2 BY MS. RUDDERHAM: 3 Q. Okay. I want to skip topics to 4 follow up on the interim financial relief that was 5 included under this Appli...

AI summary The document discusses the interim financial relief approved by the Board for the IESO, requiring NS Power to provide a monthly amount to be accrued in a separate deferral account from the FAM with interest. The allocation and recovery of this balance from customers has not yet been determined.