N-1Application - Redacted
8 passages
1 1.0 INTRODUCTION 2 - 3 In order to reduce costs for customers, Nova Scotia Power Incorporated (NS Power, Company), - 4 pursuant to section 35G of the Public Utilities Act (PUA), hereby applies to the Nova Scotia - 5 Energy Board (Board,...
AI summary Nova Scotia Power Incorporated (NS Power) applies to the Nova Scotia Energy Board for a Financing Order to securitize certain costs and recover them through a Securitization Rider. The application is made under section 35G of the Public Utilities Act, which authorizes the Board to approve such orders and allows for the issuance of Securitized Bonds and the imposition of a Securitized Surcharge.
NS Power Application for Financing Order to Reduce Costs for Customers Redacted - 1 As detailed within this Application, the proposed securitization satisfies the requirements of the - 2 Securitization Regulations and will provide substant...
AI summary NS Power is requesting a Financing Order from the Board to authorize the securitization of Securitized Costs and Financing Costs, which is expected to reduce customer costs, facilitate the retirement of thermal generation assets, and moderate rate impacts over the recovery period.
1 2.0 SECURITIZED COSTS 2 - 3 Pursuant to the Securitization Regulations, NS Power seeks a Financing Order authorizing the - 4 securitization of certain Securitized Costs and the recovery of those costs, together with associated - 5 Financ...
AI summary NS Power is requesting a Financing Order to securitize $987.5 million in Securitized Costs, including Retired Generation Costs, Unretired Generation Costs, and other eligible expenses, through a Securitized Surcharge collected via a Securitization Rider. The rationale and financial benefits of securitization are detailed in Section 5.0 and Appendix A.
15 Estimates of the Upfront Financing Costs are subject to change, as the costs depend on the timing 16 of the issuance, market conditions at the time of issuance, and other events outside NS Power's 17 control. Consistent with the treatme...
AI summary NS Power acknowledges that upfront financing costs may change due to external factors and proposes adjusting the FAM prepayment based on actual versus forecasted costs, with the offset recorded to the Securitization Regulatory Asset. This adjustment will be handled through the BA true-up mechanism.
6 11.1 Creation of Securitized Property 7 8 Upon issuance of the Financing Order, Securitized Property shall be created in favour of NS 9 Power, consisting of all rights and interests under the Financing Order, including the right to 10 im...
AI summary The text outlines the creation of Securitized Property in favor of Nova Scotia Power upon the issuance of the Financing Order, including the rights to impose, bill, charge, collect, and receive the Securitized Surcharge and to obtain periodic adjustments.
NS Power Application for Financing Order to Reduce Costs for Customers Redacted Appendix I. DATE FILED: October 9, 2026 Page 43 of 51
AI summary The document outlines NS Power's application for a financing order aimed at reducing costs for customers, though the content of the application is redacted. It includes an appendix and a filing date of October 9, 2026.
1 14.0 RELIEF SOUGHT 2 3 Pursuant to section 35G of the PUA, NS Power respectfully requests that the Board issue a 4 Financing Order, to take effect immediately upon issuance by the Board of its decision in this 5 matter, that is consisten...
AI summary NS Power is requesting the Board to issue a Financing Order under the Public Utilities Act, allowing for the interim approval of the Securitized Surcharge and its implementation via a Securitization Rider effective January 1, 2027. The request includes the allocation of the surcharge and a process to adjust it after a regulatory review.
Dear Vivek Sood: In order to manage sharp increases to electricity costs for Nova Scotians, the Government of Nova Scotia has continued its engagement with Nova Scotia Power and other relevant stakeholders to develop an approach that would...
AI summary The Government of Nova Scotia is engaging with Nova Scotia Power and stakeholders to develop a financing order for securitization of prematurely retired coal assets. The process involves enacting regulations under the Public Utilities Act and providing a provincial indemnity to secure favorable credit ratings for bonds issued to securitize costs.
N-3Transcript of Technical Conference held October 15, 2026
4 passages
NOVA SCOTIA ENERGY BOARD IN THE MATTER OF: THE PUBLIC UTILITIES ACT - and - IN THE MATTER OF: THE FINANCING ORDERS AND SECURITIZED BONDS REGULATIONS - and - IN THE MATTER OF: AN APPLICATION by NOVA SCOTIA POWER INCORPORATED for approval of...
AI summary This proceeding involves Nova Scotia Power's application for a financing order to securitize $1 billion in costs collected via a Securitization Cost Recovery Rider, under the Public Utilities Act and related regulations.
ORTING INC. CERTIFIED COURT REPORTERS MS. RUBIN: Blake, sorry to interject. - You're really choppy. You're kind of going in and out and - I don't know if it's you're leaning back or turning back - around, but if you could position yourself...
AI summary The speaker discusses the financing order issued by the Board, which sets parameters for bond yields when going to market. Once assets transfer or bonds are issued, the financing order becomes irrevocable. The 60-day period is mentioned for decision-making, with the possibility of interim approval of the securitization rider.
l be less debt in Nova Scotia Power itself. - From an accounting perspective, Nova - Scotia Power will consolidate the limited partnership, but - the credit rating agencies will exclude the billion - dollars of securitization debt when the...
AI summary The discussion focuses on the financial structure and accounting considerations for Nova Scotia Power, including the consolidation of a limited partnership, the exclusion of securitization debt by credit rating agencies, and the establishment of a capital reserve account for credit enhancement purposes.
ext slide, so we - have up front financing costs. We also do have some - ongoing financing costs. - Again, some of these would be similar - to what we've seen in other proceedings. So the allotted - fees, this limited partnership will requ...
AI summary The text outlines financing and tax considerations related to a limited partnership structure, including upfront and ongoing financing costs, servicing fees, and income tax implications. These costs include audit fees, rating agency fees, and administrative expenses, with servicing fees calculated as 0.05% of a billion-dollar bond issuance. Income tax is discussed in relation to the return of capital and customer savings.
104035NSEB (NSPI) IR 1 to 41
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NOVA SCOTIA ENERGY BOARD IN THE MATTER OF: THE PUBLIC UTILITIES ACT - and - IN THE MATTER OF: THE FINANCING ORDERS AND SECURITIZED BONDS REGULATIONS -and- IN THE MATTER OF: AN APPLICATION by NOVA SCOTIA POWER INCORPORATED for approval of a...
AI summary Nova Scotia Power Inc. has applied for a Financing Order to securitize $1 billion in costs through a Securitization Cost Recovery Rider. The Nova Scotia Energy Board has issued an information request to Blake Williams, VP, Legal and Regulatory at Nova Scotia Power Inc., seeking responses by October 29, 2026.
11 [Emphasis added] - a) What ongoing analysis was taking place and how did this analysis inform NS Power's view that market interest is expected to support the full amount requested in the application? - b) What information or advice did...
AI summary The questions focus on NS Power's financing strategy, specifically the rationale for requesting a $1 billion bond issuance, the basis for expecting sufficient market interest, and how this compares to a previous $500 million issuance. The questions also address the legal framework under the Securitization Regulations and the implications of not fully utilizing the requested amount.
10 Request IR-3: 11 On pg. 39 of the technical conference transcript, Mr. Flemming of NS Power stated: "as we note 12 in the application, for the efficiency of marketing the bonds to attain interest, and therefore, the 13 best rate possibl...
AI summary The text requests an explanation of the phrase 'efficiency of marketing the bonds to attain interest' as used by Mr. Flemming of NS Power in the context of issuing $1 billion in bonds to achieve the best interest rate for customers.
17 Request IR-4: - 18 With respect to NS Power's statement that a $1 billion bond issuance compares favourably to a 19 lesser amount, please explain in terms of each of the following: - 20 a) The type of investor attracted to this proposed...
AI summary The request asks NS Power to explain the $1 billion bond issuance in terms of investor types, number of investors, credit ratings, and fees associated with the offering.
8 Request IR-9: - 9 On pg. 16 of its application, NS Power stated: "As noted in the 2025 DDA Annual Report - 10 proceeding, while expanding the scope of a securitization transaction has the potential to increase - 11 customer benefits, pra...
AI summary NS Power's application mentions practical considerations in expanding a securitization transaction, including transaction size, financing costs, and certainty required by credit rating agencies and bond investors. The request asks for a detailed explanation of these considerations.
23 Request IR-10: - 24 a) How were the Upfront Financing Costs in Figure 3 of the application and the Ongoing 25 Financing Costs in Figure 4 of the application estimated? Please provide any available 26 back-up documentation. - 27 b) Pleas...
AI summary The request seeks clarification on the estimation of upfront and ongoing financing costs, as well as the rationale for including road show and marketing expenses in the Securitization rather than Operating expenses.
6 Request IR-27: - 7 On pg. 41 of its application, NS Power requests that the Financing Order should authorize the 8 appointment of a successor servicer if NS Power is unable or unwilling to continue. - 9 a) Please provide greater detail a...
AI summary NS Power requests the Financing Order to authorize the appointment of a successor servicer if they are unable or unwilling to continue. The request seeks clarification on the circumstances that would lead to this situation and who would be responsible for appointing the successor servicer.
14 Request IR-28: 15 Section 11.7 of the application discusses the proposed flexibility in bond terms. This section says 16 (in the technical conference at pp. 10-12 of the transcript, NS Power also addressed flexibility): Pursuant to sect...
AI summary NS Power is requesting flexibility in the terms and conditions of Securitized Bonds under Section 3(3)(g) of the Securitization Regulations. It argues that the issuance should proceed as long as it reflects prevailing interest rates and provides quantifiable net present value benefits to customers. The Board is asked whether a threshold for these benefits should be included in the Financing Order and where the 'bookend' for the transaction's justness should be placed.
12 Request IR-38: - 13 When NS Power places its bond on the market is there a possibility that NS Power will need to 14 adjust the interest rate based on the response of the market/investors? - 15 a) If so, what strategies does NS Power pl...
AI summary The document raises questions about Nova Scotia Power's ability to adjust bond interest rates based on market response and strategies to ensure fair pricing for ratepayers.