N-12025-2026 Annual Report
15 passages
Utility and Transmission Owner, Energy Producer Nova Scotia Power owns, operates, and maintains most of the province's electricity transmission and distribution systems, which deliver power to homes and businesses across Nova Scotia, and m...
AI summary Nova Scotia Power is responsible for owning, operating, and maintaining the province's electricity transmission and distribution systems, delivering power to homes and businesses, and managing customer connections and billing. It also generates electricity from a variety of energy sources.
MESSAGE FROM THE PRESIDENT AND CEO "IESO Nova Scotia, the Board, and our stakeholders are all working toward the same goal: reliably providing critical energy to Nova Scotians in the most affordable way possible." Johnny Johnston President...
AI summary The President and CEO of IESO Nova Scotia emphasizes collaboration with the Board and stakeholders to provide reliable and affordable energy to Nova Scotians.
Period from February 18, 2025 to March 31, 2026 (in thousands of dollars) 2026 Revenue Provincial funding $ 2,675 Rate recovery 1,900 Interconnection study revenue 421 Interest and other 52 5,048 Expenses Employee compensation (Note 17) 2,...
AI summary The financial statements for the period from February 18, 2025, to March 31, 2026, show a net comprehensive loss of $3,169,000. Revenue totaled $5,048,000, with provincial funding and rate recovery being the main sources, while expenses reached $8,217,000, driven by employee compensation, operations, and legal and regulatory costs.
1. Reporting entity and nature of operations The Nova Scotia Independent Energy System Operator ("IESO Nova Scotia" or "the Organization"), is located at 1791 Barrington Street, Halifax, Nova Scotia, and is a statutory corporation establis...
AI summary The Nova Scotia Independent Energy System Operator (IESO Nova Scotia) was established in 2024 under the More Access to Energy Act and began operations in 2025. It is a not-for-profit entity, and its revenue requirements for fiscal 2026 were approved by the Nova Scotia Energy Board (NSEB).
(c) Functional and presentation currency IESO Nova Scotia's functional and presentation currency is Canadian dollars. All financial information is presented in Canadian dollars and has been rounded to the nearest thousand.
AI summary The functional and presentation currency for IESO Nova Scotia is Canadian dollars, and all financial information is presented in this currency, rounded to the nearest thousand.
IFRS 20 - Regulatory Assets and Regulatory Liabilities In May 2026, the IASB issued IFRS 20. The purpose of the standard is to provide information about the effects of regulatory income, regulatory expenses, regulatory assets and regulator...
AI summary In May 2026, the IASB issued IFRS 20, which addresses regulatory assets and liabilities. IESO Nova Scotia is evaluating whether its regulatory arrangements meet the criteria for these items and considering early adoption of the standard, which may impact its financial reporting.
ii. Rate recovery revenue Significant judgement has been applied in determining the timing and amount of rate recovery revenue recognized under IFRS 15, Revenue from Contracts with Customers. In making this determination, management consid...
AI summary The text discusses the application of significant judgment in determining the timing and amount of rate recovery revenue recognized under IFRS 15. Management considered the Nova Scotia Energy Board's decision on interim financial relief and the potential for future regulatory review or adjustment of the recognized amounts.
6. Accounts receivable 2026 Interim temporary financial relief HST receivable $ 2,166 96 $ 2,262 Interim temporary financial relief includes the rate recovery revenue that took the form of Interim Fees. $950 is to be paid monthly to IESO N...
AI summary The section discusses accounts receivable for 2026, including interim temporary financial relief HST receivable and the payment of $950 monthly to IESO Nova Scotia starting April 1, 2026. The carrying value of accounts receivable is stated to approximate fair value.
7. Unbilled revenue 2026 Interconnection study revenue $ 421 Unbilled revenue represents revenue on interconnection studies performed by IESO Nova Scotia for those organizations that have submitted applications to assess projects for the m...
AI summary Unbilled revenue in 2026 includes $421 from interconnection studies conducted by IESO Nova Scotia for organizations that submitted applications to assess projects for interconnection to the transmission system.
17. Key management compensation Key management personnel include members of executive management and the IESO Nova Scotia Board, a total of 10 individuals. The compensation paid or payable to key management for services provided is as foll...
AI summary This section discusses the compensation paid to key management personnel, including members of executive management and the IESO Nova Scotia Board, totaling 10 individuals.
c) Liquidity risk IESO Nova Scotia is exposed to liquidity risk arising primarily from its line of credit facility, accounts payable and the lack of an enduring funding mechanism to collect its annual revenue requirement as approved by the...
AI summary IESO Nova Scotia faces liquidity risk due to its line of credit, accounts payable, and lack of a long-term funding mechanism for its revenue requirement. The organization manages this risk through interim financial relief, cash flow monitoring, and expenditure control. As of March 31, 2026, most liabilities were due within a year, and management does not see significant liquidity risk.
The Government of Nova Scotia may in the future issue a transfer order requiring IESO Nova Scotia to compensate NSPI for certain costs related to the creation of an independent system operator. As of the reporting date, no transfer order h...
AI summary The Government of Nova Scotia may issue a transfer order requiring IESO Nova Scotia to compensate NSPI for costs related to creating an independent system operator. However, no such order has been issued yet, so the obligation is considered possible but not certain. No provision has been recognized in financial statements.
The table below provides a summary of the components of compensation for IESO Nova Scotia Board members for the 2025-26 fiscal year, at March 31, 2026: Name Title Base Retainer Year One Retainer Committee Chair Retainer Meeting Fees Total...
AI summary The table outlines the compensation structure for IESO Nova Scotia Board members for the 2025-26 fiscal year, including base retainers, committee chair retainers, meeting fees, and a one-time Year One Retainer of $25,000 for each director to recognize additional work during the initial phase of operations.
President and CEO Compensation at IESO Nova Scotia President and CEO compensation was designed to attract, retain, and motivate the calibre of executive required to support the achievement of creating a new organization from the ground up...
AI summary The compensation structure for the President and CEO of IESO Nova Scotia is designed to attract and retain qualified leadership, align with business objectives, and remain competitive with market standards. The Board of Directors sets these objectives annually and oversees implementation, including risk management considerations.
The table below provides a summary of pay received by the President and CEO for the 2025-26 fiscal year, covering the period from the date of hire on August 18, 2025 to March 31, 2026: Fixed Pay Variable Pay Awarded Total Pay Johnny Johnst...
AI summary The table summarizes the pay received by the President and CEO for the 2025-26 fiscal year, from August 18, 2025, to March 31, 2026, including fixed and variable pay components.