N-1-(i)2026-2027 Revenue Application
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and IN THE MATTER OF an application by the Nova Scotia Independent Energy System Operator for an Order or Orders made pursuant to Section 29 of the Act for the review of its proposed expenditure and revenue requirements and the fees it pro...
AI summary The Nova Scotia Independent Energy System Operator has applied for an order under Section 29 of the Act to review its proposed expenditure, revenue requirements, and fees for the fiscal year April 1, 2026, to March 31, 2027. The proceeding was initiated on January 20, 2026.
2 A. Overview - 3 This is the second revenue requirement application (Application) of the Nova Scotia Independent - 4 Energy System Operator (IESO Nova Scotia), and is for the fiscal period beginning on April 1, - 5 2026 and ending March 3...
AI summary IESO Nova Scotia is submitting a revenue requirement application for the fiscal year 2026/2027, seeking approval for OM&A costs and transitional costs. The application is submitted under the More Access to Energy Act, and there is overlap with the ongoing approval process for the 2025/2026 application. IESO Nova Scotia also requests financial relief from NS Power through a fee, and proposes a permanent variance and recovery mechanism.
the increasing scope over the - 20 implementation period. As such, while this Application will utilize the previous revenue - 21 requirement application budget as a foundation, some of the figures used depart from the previous - 22 applica...
AI summary The application updates previous revenue requirement assumptions based on new information from IESO Nova Scotia. The Board of Directors, appointed in February 2025, delegates management to an executive team, including CEO Johnny Johnston, under the More Access to Energy Act.
EXHIBIT B-1 - OM&A OVERVIEW - 2 IESO Nova Scotia's OM&A budget forecast for the period ending March 31, 2027, is comprised - 3 of both Ongoing OM&A Costs and Transition Costs. In this application, IESO Nova Scotia seeks - 4 review and appr...
AI summary IESO Nova Scotia seeks approval of its 2026/27 revenue requirement, totaling $14.85M, comprising $13.08M in ongoing OM&A costs and $1.77M in transition costs.
Comparison to 2025/2026 Budget This cost category increased $300,000 from IESO Nova Scotia's 2025/2026 Revenue Requirement 11 12 Application to cover the anticipated increased workload and the additional costs for external legal 13 counsel...
AI summary The cost category increased by $300,000 from IESO Nova Scotia's 2025/2026 Revenue Requirement Application to cover increased workload and additional costs for external legal counsel required for the Phase II transition.
- 20 IESO Nova Scotia's procurement budget is classified into two categories: capital and operating. - 21 The capital projects which involve site development for sale to a successful proponent are expected & lt;sup>15 More Access to Energy...
AI summary IESO Nova Scotia's procurement budget is divided into capital and operating categories. Capital costs are reimbursed by successful proponents and not recovered via revenue requirement. Operating costs include managing competitive procurements, RFPs for additional capacity, and future procurement plans aligned with the Clean Power Plan and IRP.
1 2 3 4 /2026 revenue requirement application (currently before the NSEB 5 under M12412) requested approval of an OM&A deferral and variance account referred to as 6 the Net OM&A Deferral and Variance Account . The rationale for the initia...
AI summary IESO Nova Scotia seeks continuation of the Net Revenue Requirement Deferral and Variance Mechanism (formerly Net OM&A Deferral and Variance Account) for 2026/2027 and beyond to track revenue requirement variances. The mechanism, initially established under M12412, will account for forecasted Total Revenue Requirement Costs and actual cost variances, with renaming to reflect expanded scope.
5 Table 5: Net Revenue Requirement Deferral and Variance Mechanism Calculation Cost Category Description 1. Budgeted Revenue Requirement The NSEB approved budgeted revenue requirement for the fiscal year period beginning April 1 and ending...
AI summary Table 5 outlines the Net Revenue Requirement Deferral and Variance Mechanism Calculation, explaining how the NSEB approves a budgeted revenue requirement and compares it to actual costs incurred in the prior fiscal year to determine a variance. This variance is carried forward to the next application.
7 8 9 10 11 12 Once the variance is determined each year, the positive or negative variance amount will be reflected in the next Revenue Requirement and Fees application, and will be worked into the calculation of fees charged. For example...
AI summary The text discusses the mechanism for addressing revenue variances, where annual variances are reflected in subsequent Revenue Requirement and Fees applications, and any under-collected amounts are proposed for recovery in future fee calculations.
N-6IESO (NSEB) RIR 1 to 33 - Redacted
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NON-CONFIDENTIAL 1 Request IR - 3 2 On page 4 of its application, IESO Nova Scotia refers to its mandate under the More Access to 3 Energy Act. 4 (a) Please provide a detailed workplan of IESO Nova Scotia's planned activities in the 5 peri...
AI summary The document contains a request for a detailed workplan from IESO Nova Scotia regarding its planned activities in the revenue requirement application, including specific activities aimed at achieving statutory objects and details related to the Integrated Resource Plan (IRP).
Project Work Plan and Schedule Date: March 10, 2026 Project Key activities Estimated Completion MAEA Objects 2026/2027 Revenue Requirement and Fee Application (M12663) -Evidence by Intervenors and Board Counsel Consultants due March 31, 20...
AI summary The document outlines the project work plan and schedule for the Nova Scotia Energy Board (NSEB) for 2026/2027, covering key activities such as evidence submission, stakeholder engagement, and the development of an Integrated Resource Plan (IRP). Key projects include the 2026/2027 Revenue Requirement and Fee Application and the establishment of a permanent fee and cost recovery mechanism.
8 Response IR – 7 9 7 10 (a) Please refer to the figure below for actual expenses as of December 31, 2025 compared to 11 prorated proposed revenue requirement in M12412. As of December 31, 2025, overall 12 actual expenditures were $5.05M a...
AI summary The response refers to actual expenses as of December 31, 2025, compared to the prorated revenue requirement approved by the Board in M12412. Actual expenditures amounted to $5.05M.
- 3 expects to incur costs associated with future energy resource procurement. - 4 (a) Please describe the nature of the capital-related costs expected to be incurred, and estimate 5 in which fiscal year(s) they are expected to be incurred...
AI summary The document outlines questions regarding the nature and timing of capital-related costs for future energy resource procurement by IESO Nova Scotia, whether IESO Nova Scotia intends to build and own energy resources, and how costs will be recovered and allocated. It also references regulatory pathways for NSEB review and approval in 2026.
NON-CONFIDENTIAL 41 42 (c) It is IESO Nova Scotia's present understanding that Section 30 of the More Access to 43 Energy Act applies specifically with respect to recovery of costs for energy resource supply 44 contracts. Nevertheless, all...
AI summary IESO Nova Scotia discusses cost recovery under Section 30 of the More Access to Energy Act, categorizing costs into OM&A, capital, and energy resource supply contracts. It anticipates clarifying cost recovery through NSEB applications or stakeholder engagement by Q2 2026/2027. Capital cost recovery depends on becoming a public utility under the Public Utilities Act, while OM&A costs are approved via MAEA Section 29 and Board Decision M12412.
22 (b) The 2025/2026 revenue requirement application requested funding of $5.31 Million which 23 was based on a total 2025/2026 OM&A Expenses of $7.98 Million less $2.68 Million of 24 Provincial funding. The IESO's 2025/2026 Revenue Requir...
AI summary The 2025/2026 revenue requirement application requested funding of $5.31 million, calculated from total OM&A expenses of $7.98 million minus $2.68 million in provincial funding. The IESO's application included a forecast regarding the impact of provincial funding on a one-time transition.
NON-CONFIDENTIAL 26 costs of $1.23M, there will be a surplus of $1.44M to be applied to Ongoing OM&A 27 costs."1 Pursuant to part (a) above, the remaining Provincial grant surplus is forecast to be 28 $0.20M. It is yet to be determined wha...
AI summary The document discusses a surplus of $1.44M from ongoing OM&A costs and a remaining Provincial grant surplus of $0.20M. It references a revenue requirement application filed by IESO Nova Scotia with the NSEB.
Nova Scotia Independent Energy System Operator (IESO Nova Scotia) Responses to Nova Scotia Energy Board (NSEB) Information Requests 1 Request IR - 28 2 On pages 38 and 39 of its application, IESO Nova Scotia provides a "simplified calculat...
AI summary The Nova Scotia Energy Board (NSEB) has requested detailed information from the Nova Scotia Independent Energy System Operator (IESO Nova Scotia) regarding its proposed Net Revenue Requirement Deferral and Variance Mechanism, including administration manuals, interest costs, reporting requirements, and risk transfer to customers.
PARTIALLY CONFIDENTIAL (Attachment Only) 19 Please refer to Attachment 1 for a copy of KPMG's opinion. 20 As the Board noted in its Information Request, it is reasonable to expect that amounts 21 collected by NS Power from its customers on...
AI summary The text discusses the tax implications of fees collected by NS Power for IESO Nova Scotia, arguing that HST collected from customers would be remitted to IESO, with NS Power recovering the same amount via input tax credits, resulting in no incremental tax burden on customers.
11 Response IR - 32 12 IESO Nova Scotia acknowledges that under normal circumstances it would have researched 13 options regarding a permanent fee and cost recovery mechanism, compiled evidence on potential 14 options, conducted stakeholde...
AI summary IESO Nova Scotia explains it couldn't follow standard procedures for a permanent fee mechanism due to time constraints and the need for immediate funding to avoid insolvency. It cites the More Access to Energy Act requirement to file revenue applications by year-end, which limited its capacity to conduct proper stakeholder engagement and evidence compilation.
N-11Evidence of Doane Grant Thornton
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Nova Scotia Energy Board Review of Revenue Requirement Application by the Nova Scotia Independent Energy System Operator Board Matter M12663 Report date: March 31, 2026 (Revised)
AI summary The Nova Scotia Energy Board is reviewing a revenue requirement application submitted by the Nova Scotia Independent Energy System Operator. The proceeding is designated as Board Matter M12663, with a revised report date of March 31, 2026.
1.1 Purpose and scope - Doane Grant Thornton LLP ("we", "us", "our", "Doane Grant Thornton", or "Doane GT") has been engaged by the - Nova Scotia Energy Board (the "Board" or "NSEB"). We were engaged to review an application by the Nova Sc...
AI summary Doane Grant Thornton LLP reviewed IESO Nova Scotia's revenue requirement application (M12663) for the 2026/2027 fiscal year on behalf of the Nova Scotia Energy Board. The review focused on OM&A costs, transitional cost analysis, the reasonableness of the deferral mechanism, and the financial relief request. Comparisons were made with prior budgets and expenditures.
- 4 Figure 1 Summary of findings, observations and conclusions # Report section Findings, observations, and conclusions 2. Good utility practice We reviewed the Application in the context of Good Utility Practice ("GUP"). Where practices d...
AI summary The document summarizes findings related to good utility practice, revenue requirements, and operating, maintenance, and administration costs for IESO Nova Scotia. The analysis highlights variances in budgeting practices and the need for clarification on IESO Nova Scotia's methodology.
1 3. Revenue requirement
AI summary This section discusses the revenue requirement in the regulatory proceeding, involving the Nova Scotia Energy Board (NSEB), Independent Energy System Operator (IESO), and Nova Scotia Power Board (NSPB).
2 3.1 Scope - 3 Per Section 29 of the More Access to Energy Act (the "Act"), IESO Nova Scotia is required to submit its proposed - 4 expenditure and revenue requirements for the fiscal year and the fees it proposed to charge during the fis...
AI summary Under Section 29 of the More Access to Energy Act, IESO Nova Scotia must submit its proposed expenditure and revenue requirements, including operating costs and Phase II transitional costs, to the Board for approval. The Application outlines these financial details for review.
16 3.3 Analysis - 17 Based on evidence included in IESO Nova Scotia's Application, IESO Nova Scotia has indicated that its revenue - 18 requirement for the fiscal year 2026/2027 is $14.85M. This requirement is based on the proposals that I...
AI summary IESO Nova Scotia has proposed a revenue requirement of $14.85M for the fiscal year 2026/2027 and seeks approval to continue using the Net Revenue Requirement Deferral and Variance Mechanism.
2026/2027 Revenue Requirement Application by the Nova Scotia Independent Energy System Operator - Note 1: 2025/2026B provided by NSEB in this table is the total OM&A costs from M12412, which included one-time transitional costs. - Note 2:...
AI summary The 2026/2027 Revenue Requirement Application by IESO Nova Scotia outlines variances in actual costs compared to the prorated budget for 2025/2026. Key variances include lower employee and finance costs, higher corporate administrative and legal costs, and significantly higher facilities and technology costs due to unanticipated expenses.
5.3.1 2025/2026 Actual analysis The following table demonstrates the transitional costs for actual expenses as of December 31, 2025 compared to prorated proposed revenue requirement in M12412[54](#page-25-2) . N-4 – IESO Nova Scotia Respon...
AI summary The text references a table comparing transitional costs for actual expenses as of December 31, 2025, to a prorated proposed revenue requirement in Matter M12412. It cites responses from IESO Nova Scotia to information requests by NSEB and DGT, highlighting regulatory analysis of financial data.
6.3.1 Proposed Net OM&A Deferral and Variance Account per M12412 - Per the M12412 Application, IESO Nova Scotia sought approval to establish a Net OM&A Deferral and Variance - Account to defer the recovery of its approved and forecasted Ne...
AI summary IESO Nova Scotia proposed establishing a Net OM&A Deferral and Variance Account under M12412 to defer recovery of approved and forecasted Net Ongoing OM&A costs, record variances until March 2026, and manage one-time transition costs exceeding Provincial funding. The Board has approved this matter.
16 6.3.2.2 Deferral Mechanism calculation - 17 To allow for flexibility when tracking deferrals and variances for the purpose of internal financial reporting, IESO Nova - 18 Scotia is proposing the following revised simplified calculation...
AI summary IESO Nova Scotia proposes a revised simplified calculation for tracking deferrals and variances in internal financial reporting as part of the Net Revenue Requirement Deferral and Variance Mechanism.
20 Figure 23 – Net revenue requirement deferral and variance mechanism calculation # Cost category Description 1. Budgeted Revenue Requirement The NSEB approved budgeted revenue requirement for the fiscal year period beginning April 1 and...
AI summary The text describes the net revenue requirement deferral and variance mechanism calculation, which involves comparing budgeted revenue requirements with actual costs incurred. A positive variance indicates actual costs exceeded the budget, while a negative variance indicates actual costs were lower than the budget. These variances are carried forward into future revenue requirement applications.
7.3.1 Background - As explained in the Application, IESO Nova Scotia has taken on operating costs, obligations, and liabilities - anticipated by the Act, which now form part of its revenue requirement. Although it has filed applications fo...
AI summary IESO Nova Scotia, a new not-for-profit entity under provincial legislation, faces short-term financing challenges despite a $10M provincial line of credit. It filed a 2026–2027 revenue requirement application but omitted a fee recovery mechanism, now seeking temporary financial relief. The Nova Scotia Energy Board noted the missing mechanism and highlighted IESO's potential inability to meet liabilities by May 2026 without additional funding.
7.3.2 The IESO Nova Scotia's request - Per the Application, IESO Nova Scotia is requesting Board approval for immediate temporary financial relief, to - enable it to pay its liabilities as they become due. Following internal review of the...
AI summary IESO Nova Scotia is requesting temporary financial relief of $950,000 per month from NS Power to meet its liabilities until a permanent cost recovery mechanism is approved. NS Power is agreeable to this request, provided the amount can be recorded, deferred, and recovered through its Fuel Adjustment Mechanism (FAM).
- 2 In response to the submissions summarized above, IESO Nova Scotia filed rebuttal evidence on February 19, - 2026.[100](#page-41-1) 3 The IESO Nova Scotia reiterated that they will be unable to meet liabilities as early as May 2026, eve...
AI summary IESO Nova Scotia submitted rebuttal evidence stating they will be unable to meet liabilities as early as May 2026 without interim funding. This is due to the lack of an approved fee or revenue mechanism despite the transfer of significant system-operation functions from NS Power to IESO Nova Scotia.
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.
1 Appendix A - Glossary of terms Abbreviation Term We, us, our, Doane GT or Doane Grant Thornton Doane Grant Thornton LLP # Document 1 100921 - NSEB – Submission – PHP – February 12, 2026 2 100923 - NSEB – Submission – CA – February 12, 20...
AI summary This document provides a glossary of terms and abbreviations used in the Nova Scotia regulatory proceeding, including references to submissions, decisions, and applications related to energy regulation and financial mechanisms.
N-16Opening statement - IESO
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M12663 - IESO Nova Scotia 2026/2027 Revenue Requirement and Fees Application Opening Statement of IESO Nova Scotia Provided by Johnny Johnston, CEO, IESO Nova Scotia June 10, 2026
AI summary IESO Nova Scotia submitted an opening statement for its 2026/2027 Revenue Requirement and Fees Application, presented by Johnny Johnston, CEO, on June 10, 2026.
Introduction Good morning, Chair and Members of the Board. My name is Johnny Johnston, and I am the CEO of IESO Nova Scotia. On behalf of IESO Nova Scotia, I would like to thank the Board, Board staff, and all participating stakeholders fo...
AI summary Johnny Johnston, CEO of IESO Nova Scotia, introduces himself and outlines the purpose of the proceeding, which is the Board's assessment of the 2026/2027 revenue requirement application. He emphasizes the importance of the proceeding and provides background on his extensive experience in the energy sector.
oundational governance, controls, and corporate functions, secure office space, secure short-term funding, hire key leadership resources, and begin building out the administrative and technical teams. We entered into an agreement with New...
AI summary Nova Scotia Power has made progress in securing fast-acting capacity through collaboration with New Brunswick Power, initiated an Integrated Resource Plan, engaged stakeholders, and filed regulatory applications to support electricity supply reliability and renewable energy transition.
The Application Before the Board The Application before you seeks approval of a total revenue requirement of $14.85 million for the 2026/2027 fiscal year. This amount comprises $13.08 million in ongoing operating, maintenance, and administ...
AI summary The application seeks approval of a $14.85 million revenue requirement for IESO Nova Scotia's 2026/2027 fiscal year, comprising ongoing and transitional costs. The applicant argues the amount is prudent and appropriate, reflecting a carefully developed budget aligned with the organization's statutory mandate and the realities of a phased transition. The filing occurred while the 2025/2026 proceeding was ongoing, limiting the opportunity to incorporate prior feedback.
Conclusion While this Application focuses on the 2026/2027 fiscal year, it is only one step in the broader development of IESO Nova Scotia's regulatory and financial framework. We anticipate further engagement with the Board and intervenor...
AI summary The Application for the 2026/2027 fiscal year outlines IESO Nova Scotia's regulatory and financial framework, emphasizing system reliability, transition to clean energy, and institutional capabilities. It highlights the importance of customer needs and the need for prudent, transparent decision-making, with a focus on aligning with the More Access to Energy Act .
100955IG (IESO NS) IR 1 to 32 - Word
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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.
s that IESO-NS “ has determined that a minimum of Nine Hundred and Fifty Thousand Dollars ($950,000) revenue is needed each month to ensure it continues to meet its liabilities as they become due .” 1. Please provide a copy of IESO-NS’s in...
AI summary The request seeks detailed financial and operational information from IESO-NS regarding its monthly revenue requirements, cash flow projections, expense categorization, and sensitivity analyses under different fee approval timelines. It focuses on the $950,000 monthly revenue figure, its rationale, and implications for liabilities and cash flow.
the date of publication and effective date. 9. 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. Reference: N-1(i) Exhibit A-1, pdf p. 3-4,...
AI summary The text requests clarification on the More Access to Energy Act and its implementation timeline, as well as documentation for financial forecasts, insurance products, and transition planning between IESO-NS and NSPI. It also raises concerns about deficiencies in the revenue requirement application and duplication risks during the transition.
IESO Nova Scotia takes next step to secure important additional capacity for grid](https://ieso-ns.ca/wp-content/uploads/2026/02/IESO-Nova-Scotia_100-MW-Term-Sheet-NB-Power_February-2-2026_FINAL.pdf). 1. Are the costs to negotiate the term...
AI summary The document outlines questions related to the negotiation of a 100 MW term sheet with NB Power for additional grid capacity, the approval process for this capacity, and the allocation of associated costs. It also includes requests for detailed information on administrative staffing, compensation assumptions, and changes in organizational structure compared to a prior proceeding.
dentify any changes in role counts or scope. 2. Please identify any roles that were expected in 2025/26 but were not transferred/hired or were re-scoped for 2026/27 and quantify the variance impact. Reference: N-1(i), Exhibit B-2, pdf p.16...
AI summary The text requests information on changes in role counts and scope, capitalization policy for technology and website spend, regulatory proceedings breakdown, and standard RFP clauses for reimbursement. It references specific exhibits and pages in the document.
versus new 2026/27 scopes. 2. Please confirm whether any 2025/26 transitional scopes slipped into 2026/2027, quantify the carry-forward and explain why they remain “transition” versus ongoing OM&A. Reference: N-1(i), Exhibit C-1, pdf p.37-...
AI summary The text outlines a series of questions regarding the Net Revenue Requirement Deferral and Variance Mechanism (DVM), including sub-account management, annual caps, eligibility criteria, carrying costs, and retroactive assessments. It references a proposed simplified DVM calculation and asks for templates and sensitivities.
April 1, 2026; (ii) at a reduced amount (e.g., $700,000/month). 3. If the Board were to approve a retroactive Monthly Assessment, explain how any retroactive amount would be treated in the DVM . Reference: N-1(i), Exhibit D-1, pdf pages 42...
AI summary The document outlines questions regarding the treatment of retroactive Monthly Assessments in the DVM, the application of a permanent fee and cost recovery mechanism under the More Access to Energy Act, and the reconciliation process for excess payments by NSPI, including timing and carrying costs for over- or under-collection.
100963NSEB (IESO NS) IR 1 to 33 - Word
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lain how payments made on April 1, 2026 are effective January 1, 2026 or February 1, 2026”. On page 4 of its application, IESO Nova Scotia refers to its mandate under the More Access to Energy Act . 1. Please provide a detailed workplan of...
AI summary The document outlines a series of questions directed at IESO Nova Scotia regarding its workplan, activities under the More Access to Energy Act , and the progress of the Integrated Resource Plan (IRP). It also requests information on staffing and organizational structure, and notes that Phase I of the transition from NS Power has not been completed.
and timelines” issued, when was the contract awarded and to whom? 4. Please indicate when in 2026 the deliverable plan, appropriate target date and budget will be available to be filed with the Board. On page 6 of the application, IESO Nov...
AI summary The document includes questions regarding the timeline and award of a contract, the availability of a deliverable plan and budget in 2026, discrepancies between actual and proposed expenditures in Matter M12412, compliance with reliability standards, and the IRP process transition from NS Power to IESO Nova Scotia.
or conducting an IRP analysis. On page 8 of its application, IESO Nova Scotia states it will incur capital-related costs and expects to incur costs associated with future energy resource procurement. 1. Please describe the nature of the ca...
AI summary The document outlines questions regarding IESO Nova Scotia's capital-related costs, procurement strategies, cost recovery methods, and regulatory pathways for cost categories. It also references Table 3 on page 12 of the application.
2025/2026 annualized amount based on the 2025/2026 budget and not adjusted based on “the most recent assumptions on the number of employees and salaries as currently planned by the end of 2025/2026.” Regarding the Phase II readiness assura...
AI summary The text includes questions and comments regarding the 2025/2026 budget, consultant readiness for Phase II, the Net OM&A Deferral and Variance Account, and the use of a provincial grant. It also requests additional information on the account's rationale, balance, and recovery, as well as clarification on the application of grant funds.
IESO Nova Scotia projected to use $1.23 million of that amount to pay for transition costs in fiscal 2025/2026. It also forecast to apply the balance of $1.44 million against the “Ongoing OM&A costs”. 1. How much of the Provincial grant of...
AI summary IESO Nova Scotia is projected to use $1.23 million of a $2.68 million provincial grant for transition costs in fiscal 2025/2026, with the remaining $1.44 million applied to ongoing OM&A costs. The application includes a simplified calculation for the Net Revenue Requirement Deferral and Variance Mechanism.
1. Will IESO Nova Scotia be preparing an administration manual detailing the policies and procedures applicable to its proposed deferral and variance account (and if so when)? 2. Please explain if interest or financing costs will be associ...
AI summary The text presents a series of questions directed at IESO Nova Scotia regarding the administration, financial implications, reporting requirements, and risk management of its proposed Net Revenue Requirement Deferral and Variance Mechanism.
as they become due in or about May 2026, please explain in detail why IESO Nova Scotia did not do as it had indicated it would and apply for a permanent fee and recovery mechanism in this proceeding. Please identify the additional costs in...
AI summary The text requests an explanation from IESO Nova Scotia regarding why it did not implement a previously indicated action by May 2026 and asks for the additional costs associated with its proposed permanent fee recovery mechanism application, including regulatory and financing costs.
100968SBA (IESO NS) IR 1 to 16 - Word
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Scotia in the amount of $1.77M (Transitional Costs), for a total of $14.85M (Total OM&A Costs). This 2026/2027 Revenue Requirement application seeks approval of the entirety of these Total OM&A Costs. This OM&A budget must be viewed in the...
AI summary The document outlines the 2026/2027 Revenue Requirement application for IESO Nova Scotia, requesting approval of Total OM&A Costs of $14.85M, including $1.77M in Transitional Costs. The application overlaps with the pending approval of the 2025/2026 application (M12412), and potential changes may occur after the Board’s review of the latter.
cted to remain the same through March 2027 and, if not: 1. What changes are anticipated; and 2. whether those anticipated changes are included as part of this Application. Request IR-2: Refer to the Application and Exhibit D-1 – Immediate...
AI summary The text outlines requests for information regarding the IESO-NS's revenue requirement application, including management responsibilities, timelines for fee collection, plans for charging non-FAM customers, and a list of expected service recipients. It also mentions financial projections and the use of a provincial line of credit.
sence of revenue or an approved revenue requirement, and (b) the Province was prepared to loan IESO Nova Scotia the total of Ten (10) Million dollars in the form of a line of credit.[[5]](#footnote-6) 1. Please confirm what is the full lis...
AI summary The document discusses IESO-NS's request for immediate financial relief, referencing a need for $950,000 monthly revenue to meet liabilities and the Province's willingness to provide a $10 million line of credit. NS Power's agreement to defer and recover the cost through its Fuel Adjustment Mechanism is also mentioned.
, and recover the Monthly Assessment through its Fuel Adjustment Mechanism (FAM), with the Monthly Assessment being approved as a prudent cost of NS Power by way of this application.[[6]](#footnote-7) 1. How far ahead of this filing did IE...
AI summary The document discusses the recovery of a Monthly Assessment through the Fuel Adjustment Mechanism (FAM) by NS Power, and requests information on consultations, legislative authority, and details of the proposed Net Revenue Requirement Deferral and Variance Mechanism. It also references an application and exhibits for further details.
there be an audit of the Net Revenue Requirement Deferral and Variance Mechanism? Request IR-7: Refer to the Application and Exhibit A-1 – Introduction, which states at page 5, Lines 14 – 19: IESO Nova Scotia notes that actual expenditures...
AI summary The text includes several requests for clarification regarding the Net Revenue Requirement Deferral and Variance Mechanism, employee turnover estimates, vendor quotes, and budget comparisons. These requests aim to understand the implications of variances, the timeline for transferring responsibilities, and the assumptions behind cost estimates.
Refer to the Application and Exhibit B-1 – Ongoing OM&A Cost Category Detail, page 15, Table 3: Comparison Chart Between 2025/2026 and 2026/2027 Budgets for the Employees (Administration) Category: 1. How was the annualized amount for the...
AI summary The document contains several requests for information regarding the calculation of revenue requirements, the breakdown of office costs, and the financial relief mechanism for IESO Nova Scotia. It focuses on OM&A costs, administrative expenses, and the assumptions made about fee collection and cost recovery.
101002Rebuttal Submission from IESO-NS re: temporary financial relief
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VIA ELECTRONIC SUBMISSION Ms. Crystal Henwood Regulatory Affairs Officer/Clerk Nova Scotia Energy Board 1601 Lower Water Street, 3rd Floor P.O. Box 1692, Unit "M" Halifax, NS B3J 3S3 Dear Ms. Henwood: RE: M12663 - Nova Scotia Independent E...
AI summary IESO Nova Scotia seeks temporary financial relief for 2026/2027, rebutting intervenor opposition citing insufficient evidence, FAM misuse, and lack of prudency findings. Intervenors (except PHP) oppose interim relief, while IESO provides additional evidence and legal context to justify the request under the More Access to Energy Act.
1. Why IESO Nova Scotia is unable to pay its liabilities IESO Nova Scotia submitted its initial Revenue Requirement and Fees Application for the test period ending March 31, 2026 to the Board on August 5, 2025. The initial 2025/2026 Revenu...
AI summary IESO Nova Scotia submitted a Revenue Requirement and Fees Application for the test period ending March 31, 2026, seeking net OM&A costs of $5.31 million after provincial funding. The submission is part of a regulatory proceeding with multiple stakeholder submissions referenced.
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.
Page 7 of 13 February 19, 2026 Ms. Henwood If the Board were to approve a $950,000 monthly assessment from February 2026 through March 2027, the total interim collections would be approximately $13.3 million. That amount is materially less...
AI summary The document outlines a proposed monthly assessment of $950,000 from February 2026 to March 2027, totaling $13.3 million. This is significantly less than the $20.16 million in combined revenue requirements for 2025/2026 and 2026/2027. The request for an effective date of February 1, 2026, with the first payment due by April 1, 2026, is explained as a measure to avoid liquidity issues before the Board's decision.
ase explain the basis for this statement and whether Nova Scotia Power's customers are being exposed to higher tax costs as a result of the arrangements between Nova Scotia Power and IESO Nova Scotia. At the time of preparing the 2026/2027...
AI summary Nova Scotia Power (NSP) and IESO Nova Scotia are evaluating whether HST applies to fees collected under the MAEA. KPMG's preliminary advice suggests HST may apply to IESO's revenue recovery fees, but NSP's input tax credits would offset this, leaving customers unaffected. IESO states customers would not face incremental tax costs due to this arrangement.
The CA provided as follows: In addition, this exceptional request would also require the Board to deem any such payments through this mechanism to be prudent. Such a presumptive finding would inappropriately limit the Board's ability to re...
AI summary The document discusses concerns over presumptively deeming FAM payments prudent, which could limit the Board's review and ratepayer recourse. IESO Nova Scotia argues a full prudency assessment may not be feasible before an interim order, suggesting reliance on a deferral account for later adjustments. Intervenors raise forecasting risks, but IESO notes alignment between actual and forecasted 2025/2026 costs. The IG and Board consultant found no methodological flaws in IESO's approach.
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.
102945Closing Submission - IG
9 passages
Delivered by Email Crystal Henwood Regulatory Affairs Officer/Clerk Nova Scotia Energy Board 3rd Floor, 1601 Lower Water Street PO Box 1692, Unit M Halifax, NS B3J 3S3 Dear Ms. Henwood: Re: M12663 – IESO Nova Scotia – 2026/2027 Revenue Req...
AI summary The Industrial Group opposes the proposed Deferral Account and questions the quantum of the Revenue Requirement (RR) for IESO-NS. They also raise concerns about the lack of transparency, procurement practices, and cost duplication between IESO-NS and NSPI, while requesting clarifications and improvements.
1. THE PROPOSED DEFERRAL AND VARIANCE ACCOUNT – OPPOSITION TO EXPANSION The Industrial Group opposes the proposed expansion of the Deferral Account and respectfully submits that the Board should not approve either the proposed permanent st...
AI summary The Industrial Group opposes the expansion of the Deferral and Variance Account, arguing that the Board should not approve its permanent status or expanded scope at this time. They suggest that if a deferral is approved for 2026/2027, it should be limited and interim with strong protections for ratepayers. The Board previously required specific guidelines and accounting policies before allowing recovery of costs from the account, which IESO-NS has not yet finalized.
a. No expansion for Capital Costs IESO-NS seeks approval to expand its proposed Deferral Account to include capital cost variances. However, IESO-NS has not sought Board approval of any specific capital costs in either its 2025/2026 or 202...
AI summary IESO-NS seeks to expand its Deferral Account to include capital cost variances, but has not yet sought Board approval for specific capital costs in its revenue requirement applications. The Industrial Group and DGT argue that including capital costs in the Deferral Account is premature and inconsistent with Good Utility Practice without proper governance, accounting policies, and Board approval.
3. QUANTUM AND GROWTH OF THE REVENUE REQUIREMENT The IESO-NS is seeking approval of a RR of $14.85 million, representing an increase of almost $10 million from its first partial year of operation. The Industrial Group recognizes that cost...
AI summary The IESO-NS is requesting approval for a revenue requirement increase of nearly $10 million, citing expected cost growth as the organization matures. However, the increase is being scrutinized due to the lack of Phase II implementation during the 2026/2027 test year.
b. Labour and Compensation Costs The single largest driver of the RR is employee compensation. The total revenue requirement includes an "Employees (administration)" component of $4.44M and an "Operations (system planning)" component of $3...
AI summary Employee compensation is the largest driver of the revenue requirement, with specific components for administration and system planning. The Industrial Group argues that the budget is overstated due to the lack of vacancy rate adjustment, insufficient independent support for salary benchmarking, and unassessed executive compensation.
c. Procurement and Energy Resource Costs Should Not Be in the s.29 Application The Industrial Group submits that the operating costs incurred by IESO-NS in running its energy resource procurement processes, including RFP management costs,...
AI summary The Industrial Group argues that procurement and energy resource costs incurred by IESO-NS should be recoverable under s.30 of the MAEA, not the general revenue requirement under s.29. They highlight inconsistencies in categorizing these costs and warn of potential double-recovery or regulatory gaps if not properly addressed.
d. HST Exposure An unresolved risk to ratepayers arises from the HST implications of the IESO-NS's revenue requirement. KPMG opines that amounts charged by IESO-NS to recover its approved revenue requirement will generally attract HST at 1...
AI summary The text discusses the risk to ratepayers due to HST implications of the IESO-NS's revenue requirement. KPMG notes that HST will apply to the revenue requirement, but IESO-NS argues that NSPI can offset this through input tax credits. However, there is uncertainty about whether NSPI will fully pass on these credits to customers, potentially increasing costs by 14%. The Board is urged to confirm how this exposure will be managed.
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.
- 3. require IESO-NS to apply to the Board for approval when significant unforeseen costs arise during a fiscal year, rather than permitting recovery through an open-ended deferral mechanism; - 4. confirm the Board's authority to direct di...
AI summary The proceeding outlines several regulatory recommendations for IESO-NS, including requiring approval for unforeseen costs, applying vacancy rate adjustments, aligning corporate incentives with ratepayer interests, and ensuring prudence in procurement costs. These measures aim to improve transparency, cost recovery, and compliance.
102946Closing Submission - IESO
19 passages
IESO Nova Scotia 2026/27 Revenue Requirement Application - Closing Submission July 24, 2026
AI summary The document is the closing submission for the IESO Nova Scotia 2026/27 Revenue Requirement Application, filed on July 24, 2026. It outlines the final position and supporting information for the revenue requirement application.
- 2 In this proceeding, the Independent Energy System Operator of Nova Scotia ("IESO Nova Scotia") - 3 seeks approval from the Nova Scotia Energy Board ("NSEB", "Board") of: 4 - 5 its fiscal 2026/27 revenue requirement of $14,850,121; and...
AI summary IESO Nova Scotia seeks approval for its 2026/27 revenue requirement and a proposed Net Revenue Requirement Deferral and Variance Mechanism. The evidentiary record shows no challenges to the prudence or reasonableness of the proposed expenditures, and the Board's consultant found no material concerns with the forecasts or the DVM.
22 23 IESO Nova Scotia submits that, based on the record provided to the Board under this matter to 24 date, IESO Nova Scotia's revenue requirement is reasonable and prudent, and is necessary for it 25 to carry out its important mandate un...
AI summary IESO Nova Scotia argues that its 2026/27 revenue requirement is reasonable and necessary for fulfilling its mandate under the More Access to Energy Act (MAEA). It also defends the proposed DVM as a mechanism to ensure that approved revenue requirements are collected and that only actual costs are passed on to market participants and ratepayers.
5 ATCO Gas and Pipelines Ltd. v. Alberta (Utilities Commission) 2015 SCC 45 ("ATCO 2015"), para 38. 119 IESO Nova Scotia submits that, in its decision approving its 2025/26 Revenue Requirements (2026 120 NSEB 5), the Board has recognized t...
AI summary IESO Nova Scotia argues that the Board's prudence review is retrospective and that there is no distinction between prudent and reasonable costs in the context of revenue requirements. The discussion also covers staffing and compensation, with significant expenditures allocated to administration and system planning, including staff transferred from Nova Scotia Power Inc.
10 M12633 Transcript, June 25, 2026, page 58. 196 Q. Okay. And so given that the roles haven't been filled and we're still looking at, you 197 know, mid-August to mid-September and potentially longer, we don't know, I guess 198 what is IES...
AI summary The IESO discusses projected costs related to unfilled roles and the impact on revenue requirement calculations. They explain that while there are delays in hiring, the overall cost remains similar due to offsetting variances in consulting expenses. The IESO did not include a vacancy adjustment in their labour expenses due to uncertainty in timing.
planning and compliance functions from Nova 257 Scotia Power Incorporated (NS Power), and transitioning system planning and 258 interconnection employees from NS Power effective December 1, 2025. 259 260 At the time of the submission of th...
AI summary The document discusses the transition of planning and compliance functions from NS Power to IESO Nova Scotia, including staffing and the need for external support. It highlights the preparation for an oral hearing related to a revenue requirement application and the importance of having a flexible budget.
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.
17 M12633 Transcript, June 25, 2026, pages 223 - 226. 420 As such, IESO Nova Scotia submits that the compensation ranges and budgeting approach are 421 prudent and reasonable. 422 423 IESO Nova Scotia continues to work towards improving th...
AI summary IESO Nova Scotia argues that its compensation ranges and budgeting approach are prudent and reasonable, and outlines its plan to use a third-party consultant to improve its compensation benchmarking. It also explains that operational procurement costs are included in its 2026/2027 revenue application and would be reimbursed via the Net Revenue Requirement Deferral and Variance Mechanism if procurement contracts are successful.
19 More Access to Energy Act, 2025, c. 18, Sch., s. 44; 2026, c. 5, s. 6, Section 30(1). 20 M12633 Transcript, June 25, 2026, pages 383 - 226. ongoing administration cost, which would appear to be included in section 30 in the way that rea...
AI summary The discussion revolves around the interpretation of Section 30 of the More Access to Energy Act (MAEA) regarding the recovery of costs. The IESO argues that Section 30 applies only to ongoing operational costs after a contract is executed, not to one-time procurement costs, which are recoverable under Section 29 of the MAEA.
27 DGT Report, Review of Revenue Requirement Application by the Nova Scotia Independent Energy System Operator (M12663), March 31, 2026, page 6. 596 direction to the new DVM, along with any other new direction, is ultimately at the discret...
AI summary The document discusses the treatment of capital costs within the Net Revenue Requirement Deferral and Variance Mechanism (DVM) as proposed by the Independent Energy System Operator of Nova Scotia (IESO Nova Scotia). The DVM is intended to account for variances from the approved revenue requirement, including capital costs and energy resource procurements. The Nova Scotia Energy Board (NSEB) has discretion over the direction of the DVM.
29 IESO Nova Scotia 2026/27 Revenue Requirement Application (M12663), January 20, 2026, p.37. 622 623 624 625 626 627 628 Specific types of costs to be included or excluded – at this time, the only costs to be • included are OM&A cost vari...
AI summary The document discusses the inclusion of specific costs in the DVM, emphasizing that only OM&A cost variances from the 2025-2026 and 2026-2027 revenue applications are included at this time. Capital costs will be considered in the future, but only after NSEB approval. The IESO Nova Scotia aims to recover all actual costs, regardless of type, due to its not-for-profit status.
32 M12633 Transcript, June 17, 2026, pages 234 - 235. 654 655 And: 656 Q. And as I understand the evidence as it's come in in this hearing, the request that 657 categories such as capital would be included, you've modified that in your tes...
AI summary The discussion centers on the clarification of capital cost recovery, specifically the inclusion of depreciation and interest expenses rather than deferring capital itself. The testimony acknowledges the need for clarity in the Application and references the DVM guidelines and final accounting policies to be submitted to the NSEB.
33 M12633 Transcript, June 25, 2026, pages 483 - 484. 682 stakeholders regarding IESO Nova Scotia's full expected expenditures, inclusive of both OM&A 699 applied for in its revenue requirement applications and through direct cost recovery...
AI summary The document discusses the DVM's role in allowing IESO Nova Scotia to recover its actual incurred costs, ensuring that only these costs are passed on to market participants and ratepayers. It also raises concerns about the imposition of a hard cap on cost recovery, which could be difficult for IESO Nova Scotia to bear.
37 M12633 Transcript, June 25, 2026, pages 503 - 505. 773 774 IESO Nova Scotia will produce a revenue requirement application each year developed based on 775 the best available evidence, demonstrating the prudency of the proposed expendit...
AI summary IESO Nova Scotia will annually submit a revenue requirement application to demonstrate the prudency and reasonableness of proposed expenditures. The NSEB and stakeholders can review these applications at the start of the fiscal year. Expenditures beyond the +/- 10% variance threshold require additional review by the NSEB before recovery through revenue and fees.
41 NSEB Decision, M12412, February 25, 2026, p.20. 875 that circumstance, the variance is subject to a further reasonableness review by the NSEB. IESO 876 Nova Scotia submits that the threshold balances operational flexibility for IESO Nov...
AI summary The NSEB decision discusses the reasonableness of the DVM variance thresholds in managing routine variances, acknowledging that while exceptional circumstances may arise, the thresholds provide a practical framework for variance management. Nova Scotia emphasizes the need for fiscal responsibility, while IESO Nova Scotia notes that actual expenditures may vary from forecasts.
1026 IESO Nova Scotia submits that, with a single exception noted below, this wording is unique in the 1027 Canadian regulatory landscape. The legislature has not granted the Board broad jurisdiction, but 1028 rather, the clear, express la...
AI summary IESO Nova Scotia argues that the MAEA grants the Board specific options following its review of expenditures and revenue requirements: either approval or referral back with recommendations. It emphasizes that the Board lacks the power to unilaterally disallow costs or fix revenue requirements differently, highlighting the iterative process outlined in subsection 29(4).
1102 1103 Further, the potential for outright denial or disallowance of costs has the potential to interfere with 1150 Recommendations 1151 1152 Under s. 25(4) of the Electricity Act, 1998, "The Board may approve the proposed 1153 expendit...
AI summary The OEB has approved the IESO's revenue requirements but disallowed the proposed single usage fee, referring the matter back to the IESO for further consideration. The OEB recommends splitting the usage fee into two separate fees for domestic and export customers, each based on a 100% revenue-to-cost ratio.
1307 For the reasons set out in this Closing Submission, IESO Nova Scotia respectfully submits that the 1308 evidentiary record supports approval of its 2026/27 Revenue Requirement Application in its 1309 entirety. No intervenor evidence h...
AI summary IESO Nova Scotia submits that its 2026/27 Revenue Requirement Application is supported by the evidentiary record and that no intervenor evidence challenges the prudence or reasonableness of the proposed expenditures. The proposed revenue requirement is deemed necessary to fulfill its statutory mandate under the More Access to Energy Act, and the DVM is presented as a reasonable evolution of the OM&A Deferral and Variance Account.
1344 Accordingly, IESO Nova Scotia respectfully requests that the Board: 1345 1. Approve IESO Nova Scotia's 2026/27 revenue requirement in the amount of $14,850,121; 1341 language, structure, and purpose of the MAEA and with analogous trea...
AI summary IESO Nova Scotia requests the Board to approve its 2026/27 revenue requirement, approve a new deferral and variance mechanism, and determine the scope of its jurisdiction under subsection 29(4) of the MAEA, emphasizing the importance of these decisions for its operations.
103134Reply Submission - IG
6 passages
Re: M12663 – IESO Nova Scotia – 2026/2027 Revenue Requirement Application These Reply Submissions are filed on behalf of the Industrial Group (" IG ") to address the legal issue of the Board's jurisdiction under s. 29 of the More Access to...
AI summary The Industrial Group (IG) supports the Consumer Advocate's position that the Board has jurisdiction under s. 29(4) of the More Access to Energy Act to set IESO-NS's revenue requirements at a level it deems just, reasonable, and necessary, including below what IESO-NS proposed. The IG disagrees with IESO-NS's interpretation of the provision, arguing it is inconsistent with statutory interpretation and regulatory functions.
R ETROACTIVE I MPRUDENCE R EVIEWS A RE D IFFERENT IESO-NS has asked the Board to rule on the full scope of its jurisdiction under s. 29(4), including its ability to make prudence findings or order disallowances because of the implications...
AI summary The IESO-NS is seeking clarification on the Board's jurisdiction under s. 29(4) to conduct prudence reviews and order disallowances. The IG argues that the Board must distinguish between prospective revenue requirement setting and retrospective imprudence reviews, citing the deferral and variance mechanism and Board decision M12412.
2. A category-level referral creates uncertainty rather than ratepayer protection Subsection 29(3) does not solve the problem of a revenue gap. Instead, it preserves the prior year's fees while a forward-looking application remains unappro...
AI summary Subsection 29(3) fails to resolve revenue gaps and creates uncertainty by maintaining prior-year fees without a mechanism for current-year adjustments. This can lead to unresolved disputes, ongoing delays, and potential over-spending by the IESO-NS without ratepayer protection. The Board should approve sound application parts and set disputed categories based on evidence to ensure fair outcomes.
3. The variance threshold assumes an approved baseline and enforceable conditions IESO-NS's current interpretation also does not align with the way the Board and IESO-NS have already treated the interim deferral and variance mechanism. In...
AI summary The document discusses the variance threshold mechanism approved by the Board in M12412, emphasizing that it requires an approved baseline and enforceable conditions. It argues that the IESO-NS's current interpretation is inconsistent with the framework established in that proceeding, which allowed for a +/-10% variance threshold and binding conditions.
3. Necessary implication supports the Board's authority to fix the revenue requirement Even if s. 29(4) were ambiguous on fixing the revenue requirement this point, which the IG does not accept, the doctrine of jurisdiction by necessary im...
AI summary The text argues that the Energy Board has the authority to fix the revenue requirement under the doctrine of jurisdiction by necessary implication, as supported by ATCO 2006. It emphasizes that the Board must have the power to ensure rates are just and reasonable, even if the legislation is silent on the mechanics.
T HE I MPORTANCE O F F RONT -E ND C ONTROLS , G IVEN T HE P RACTICAL L IMITS O F B ACK -E ND D ISALLOWANCE A GAINST A N OT -F OR -P ROFIT The distinction discussed above between setting a revenue requirement in advance and disallowing a co...
AI summary The text emphasizes the importance of front-end controls in regulatory proceedings, particularly for not-for-profit entities like IESO-NS, where backend disallowance mechanisms are limited. It argues that without strict front-end scrutiny, there is a risk of unrecoverable costs and impacts on system reliability. The Board's decision in M12412 is highlighted as an example of effective front-end discipline.
20260617-1Hearing Transcript — 06/17/2026 (Johnny Johnston, Chris Milligan, Mike McFeters)
32 passages
LIST OF UNDERTAKINGS NO. PAGE NO. 6 System Operator was created in October 2024 and has been 7 active, first through a Board of Directors appointed in 8 February of 2025, and then through the hiring of various 9 staff, starting in the summ...
AI summary The document outlines the creation of the System Operator in October 2024 and the filing of two annual applications by IESO NS for the recovery of expenditures and revenue requirements. The first application, approved in February 2026, included the creation of an OM&A Deferral and Variance Account, while the second application, filed in January 2026, requested a permanent variance account with additional cost categories.
OPENING STATEMENT 27 IESO NOVA SCOTIA 1 In these roles, I've testified in 2 approval for a total revenue requirement of $14.85 million 3 for the '26-'27 fiscal year. This amount compromises of 4 $13.8 million in ongoing operating maintenan...
AI summary IESO Nova Scotia requests approval for a revenue requirement of $14.85 million for the '26-'27 fiscal year, citing prudent budgeting based on historical data and necessary costs for system planning, procurement, and compliance. The application reflects a phased transition and acknowledges the unique procedural context of its submission.
IESO NOVA SCOTIA PANEL 45 Cr-ex, (Murphy) 1 to progress a facility that has an extremely long lead 9 know, reflect the status and of that Application before 10 the Board? 11 MR. FUREY: So Mr. Chair, at this 12 point I'm going to object. 13...
AI summary The discussion focuses on the objection raised by Mr. Furey regarding the relevance of certain costs to the '26/'27 revenue requirement, and Mr. Murphy's clarification that the review pertains to the reasonableness of the IESO's application and cost minimization strategies.
IESO NOVA SCOTIA PANEL 61 Cr-ex, (Murphy) dollar value. And so sort of our position coming in here is absolutely we try to be very transparent on our hiring process and that it's taking certainly longer than we put into the Application, bu...
AI summary The discussion centers on the costs incurred by the organization in relation to hiring processes and consulting expenses. The organization acknowledges that there are additional costs not initially included in the application, and there is a request for a detailed comparison of actual costs to the budget. The speaker also mentions that the 2025–2026 figures are still pending audit and Board approval.
IESO NOVA SCOTIA PANEL 65 Cr-ex, (Murphy) 1 the end of a quarter, there would be some updated 17 of sort of focused on a midpoint. 18 I would probably maybe point you back 19 to some of the feedback in Doane Grant Thornton's analysis 20 of...
AI summary The discussion revolves around the lack of detailed reports or rationalization from a consulting firm regarding salary ranges and benefits package development. The focus is on confidentiality concerns and the limited information provided to the Board and parties involved.
IESO NOVA SCOTIA PANEL 111 Cr-ex, (Murphy) 1 raised and the possibility of having that project 2 essentially transferred to IESO sort of midstream from 3 Nova Scotia Power, and that the Nova Scotia Power Panel 4 was asked about it. They sa...
AI summary The discussion centers on the potential transfer of a project from Nova Scotia Power to IESO Nova Scotia, with concerns about associated costs and their inclusion in the revenue requirement application. Mr. Murphy questions whether IESO has more information on the project and if future costs will be included in the fiscal year's forecast.
deferral and variance account, but in terms of approving a forecast today, it has nothing there's nothing related to today's forecast. THE CHAIR: Well, at least in terms of whether (a) the costs are included in the revenue requirement and...
AI summary The discussion revolves around the deferral and variance account, the revenue requirement, and whether new costs are expected. There is no mention of transferring work to IESO Nova Scotia at this time.
1 We're waiting, like Nova Scotia Power, I think, for any 2 change in direction. 3 Q. CA IR-3. We had asked the IESO 4 to explain what is meant by "Materially tracking" because 5 the reference there was that: 6 7 8 9 10 IESO Nova Scotia no...
AI summary The discussion revolves around the IESO Nova Scotia's explanation of 'Materially tracking' in relation to its 2025/2026 actual expenditures compared to its proposed revenue requirement. The entity is questioned on whether the term implies alignment with the budget and whether the variances observed are significant.
IESO NOVA SCOTIA PANEL 117 Cr-ex, (Murphy) 1 would be the magnitude of the dollars we're talking about 2 here. So your 86 percent reference sounds like way off. 3 We're talking about $60,000. And so I think there's a 4 materiality item tha...
AI summary The discussion revolves around the accuracy of a 86% reference in a revenue application, with a focus on the actual spending of $60,000 and the overall budget tracking. The speaker acknowledges the application was submitted before the IESO had employees and highlights the organization's performance in staying under budget for the first year.
IESO NOVA SCOTIA PANEL 125 Cr-ex, (Murphy) 1 from living in a different jurisdiction that does things a 2 little differently, but my understanding of the regulatory 3 compact is that the Board approves the revenue requirement 4 based on a...
AI summary The discussion revolves around the regulatory process for approving revenue requirements, emphasizing that decisions should be based on forecasts made at the time they were submitted, rather than real-time updates. The speaker argues that requesting new forecasts during hearings could lead to procedural issues and challenges related to new evidence.
new evidence to acknowledge an issue and try to correct it. And I think in this particular case, what we have is IESO Nova Scotia effectively acknowledging that this Application is based upon the prior Application, which was, you know, wit...
AI summary The discussion centers on the accuracy of forecasts in a regulatory proceeding, with concerns raised about potential inaccuracies in prior applications. The Chair acknowledges the possibility of changes in forecasts and highlights the importance of avoiding single-issue ratemaking, ensuring the Board considers broader implications.
IESO NOVA SCOTIA PANEL 131 Cr-ex, (Murphy) individual items at this stage. So proceed with that in mind. MR. MURPHY: Okay. BY MR. MURPHY: Q. Well, and I guess that was the thrust of my question was really are there any can you identify any...
AI summary The discussion focuses on the absence of material changes to the revenue requirement forecast and the deferral of the permanent fee recovery mechanism by IESO. The witness confirms there are no material changes greater than 10 percent, and IESO has deferred proposing a rate recovery mechanism until later in the year.
IESO NOVA SCOTIA PANEL 133 Cr-ex, (Murphy) between August 7th, when IESO gave the answer to the IR, and January 20th, when IESO filed this present Application, did IESO realize it would not be proposing a permanent fee recovery mechanism?...
AI summary The IESO discusses the timeline and rationale for not proposing a permanent fee recovery mechanism in its Revenue Application. The organization highlights stakeholder discussions, the need for external advice, and urgent funding requirements that influenced the decision.
IESO NOVA SCOTIA PANEL 135 Cr-ex, (Murphy) 1 before we got to a determination and an ability to 2 implement that permanent fee, which left us in the very 3 difficult position of having to request interim funding on 4 an urgent basis, which...
AI summary The IESO discusses the challenges of implementing a permanent fee and the need for interim funding, highlighting the urgency and complexity of the situation. They also mention the filing of a rebuttal in a prior revenue requirement matter and the expectation of filing an application for a permanent fee and cost recovery mechanism in Q2 of the year, which has not yet occurred.
IESO NOVA SCOTIA PANEL 155 Cr-ex, (MacAdam) 1 [12:10:19] Okay. But you do reference Phase Q. 10 Q. So if we go to page the next 11 page, page 37 of 82, in response to NSEB IR-10(d), you set 12 out: 13 14 15 16 17 18 At present, IESO Nova S...
AI summary The discussion centers on the potential for IESO Nova Scotia to become a public utility under the Public Utilities Act and the implications for capital cost recovery. The panel questions how and when this determination will be made, and the response indicates uncertainty and a need for legal regulatory understanding.
be defined as a public utility, and I don't have clarity of a path forward on how that would be changed. Q. And you say at some point, if it was determined to be a public utility, section 35 of the PUA may apply. And then, absent this, cap...
AI summary The discussion centers on whether a utility should be defined as a public utility under the PUA, and the implications for capital costs being reviewed and approved by the Board. It also touches on the submission timeline for a fee and cost recovery mechanism, with a note on the interchangeable use of Q1 2026/2027 and Q2 2026 for clarity.
that reason. 1 the time that's put towards those. 2 MS. MacADAM: Okay. And then if we go 3 to page 60 of 82? 4 BY MS. MacADAM: 5 Q. In response to question (a) or 6 sorry, 25(a), it says: 7 8 9 10 11 12 13 14 15 16 17 18 The rationale [for...
AI summary The discussion revolves around the recovery of deferred amounts from the 2025/2026 fiscal year, with a focus on how these amounts will be recovered through a combination of interim and permanent fee mechanisms. The entity mentions an expected rebate of approximately $300,000 to be returned to customers due to underspending against the approved allowance.
IESO NOVA SCOTIA PANEL 195 Cr-ex, (MacAdam) 1 MR. JOHNSTON: So this is well, 2 this is complicated. So maybe it's worth and I might 3 not be helping with my language, and so, Mr. Chair, I 4 apologize if that's the case. 5 THE CHAIR: I gues...
AI summary The discussion revolves around revenue requirements and deferral accounts, with Mr. Johnston explaining the approved revenue requirement for '25/'26 and the need to recover costs through a permanent fee. The Chair suggests that the variance is irrelevant due to zero revenue and all costs going to the deferral account.
1 that, and under the normal course, in terms of how we put 2 forward the deferral account would work, we're always 3 going to come back a year later, in the next application, 4 to do that true-up. 5 THE CHAIR: No, I understand, but in 6 t...
AI summary The discussion revolves around the deferral account and the distinction between uncollected but approved revenue requirements and the deferral account. It emphasizes that the deferral account captures variances between approved revenue requirements and actuals, while uncollected revenue still needs to be collected.
IESO NOVA SCOTIA PANEL 197 Cr-ex, (MacAdam) 1 then the actual audited financial costs. 2 THE CHAIR: And I guess it may be 3 semantics. You divert your entire revenue requirement, is 4 the way I'm looking at it. And here, you're just 5 adju...
AI summary The discussion revolves around the cost recovery mechanism and the application for the 2026/2027 revenue requirement. The witness clarifies that the permanent fee mechanism is tied to the approved revenue requirement and how it flows into rates for recovery, rather than waiting for a future application.
IESO NOVA SCOTIA PANEL 199 Cr-ex, (MacAdam) 1 call it the deferral account, the prudency review for the 2 imprudent, how we would manage our way through that is 3 going to be, you know, something that we're going to have 4 to work out. 5 Q...
AI summary The discussion centers on the prudency review of a deferral account and the potential risks to Nova Scotia ratepayers. The accuracy of budgets and the Net Revenue Requirement Deferral and Variance Mechanism are questioned, particularly in relation to intergenerational equity concerns and the extent of cost deferral.
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 233 Cr-ex, (Rudderham) 1 (Johnston) Yes. So like the A. 2 concept is we have an approved revenue or revenue for 3 the year. We then have actuals, and then once you get to 4 sort of truing-up at the end of the year, t...
AI summary The discussion centers on a revenue requirement mechanism that is being proposed to operate in perpetuity and be expanded to include additional cost categories, such as capital costs. The mechanism is intended to capture variances between approved revenue and actuals, with adjustments made through a deferral account.
INTERNATIONAL REPORTING INC. CERTIFIED COURT REPORTERS 1 condensers. We would be looking for a third party to own 2 and operate those and putting in a contract for their 3 operation. 4 Q. I appreciate the context. I 5 guess what I'm trying...
AI summary The discussion revolves around the need for a catch-all account to address over or under recoveries in a year, with the IESO NS considering interim adjustments through an annual true-up mechanism as a practical solution.
IESO NOVA SCOTIA PANEL 241 Cr-ex, (Rudderham) 1 application to say why we believe we need to continue to 2 spend those costs. 3 Okay. And in the last revenue Q. 4 requirement proceeding, Matter M12412, the Board had 5 directed that specifi...
AI summary The discussion revolves around the deferral account mechanism and the need for specific accounting policies to be developed and approved before recovery under the deferral mechanism. The application refers to Matter M12412, where the Board directed the development of guidelines and accounting policies. The testimony indicates that these policies are still underway and will be addressed in the next Revenue Application.
IESO NOVA SCOTIA PANEL 247 Cr-ex, (Rudderham) 1 got a whole bunch of unanswered questions, and it would be 2 beneficial to the ratepayers to see more information, 3 rather than less. And the direction from the Board in the 4 last revenue r...
AI summary The discussion centers on the need for clarity in accounting policies related to deferral accounts and capitalization, as well as the timing of filings for revenue requirements. Concerns are raised about the lack of finalized policies and guidelines, which create uncertainty in how deferral accounts should be managed and capitalized.
IESO NOVA SCOTIA PANEL 261 Cr-ex, (Rudderham) 1 approach of financial reporting on actuals that we have 2 approval processes for, for new external spend, we have 3 approval processes for hiring folks. 4 And so I think, you know again, I 5...
AI summary The discussion focuses on the IESO NS's financial reporting approach, cost management within the approved revenue requirement, and whether policies exist to ensure deferral accounts do not impact rate stability. The IESO NS emphasizes its small proportion of the overall energy revenue requirement and the low likelihood of material rate impacts.
1 However, if something were to come up 2 where there was deemed to be some sort of rate impact or 3 shock, then I think the Board, when it came back to our 4 time of seeking recovery and approval, would very much be 5 in the position to d...
AI summary The discussion revolves around the potential for rate impacts and how the Board might handle such situations by deferring recovery over multiple years. There is clarification about the undertaking to provide accounting policies and related mechanisms, as well as a mention of revenue requirements and their impact on rates.
IESO NOVA SCOTIA PANEL 269 Cr-ex, (Rudderham) 1 We've also talked that the mechanics, the procedures 2 associated with the deferral account are still being 3 documented. And I think it is the actual calculation 4 of interest associated wit...
AI summary The discussion revolves around the deferral account mechanics, including how interest is calculated and when it starts accruing. The IESO acknowledges that the policy and procedures are still being developed and that definitive answers are not yet available. There is also mention of financial implications for customers based on spending decisions.
1 your head. 2 (Johnston) That's correct. A. 3 Q. Okay. And the balance is going 4 to be trued-up on an annual basis during that application 5 process? Is that right? 6 (Johnston) So I think what we A. 7 said the balance would be trued-up...
AI summary The discussion revolves around the process of truing up the balance annually during the application process, with audited financials being used to update the balance and bring it forward to the next Revenue Application. The audit is expected to be completed in July or August, and the application is submitted somewhere between those months.
October and December, correct. Q. Okay. And so during any given Revenue Requirement Application, it will be both the revenue requirement for the forthcoming year along with a prudence review of actual expenditures under the deferral accoun...
AI summary The discussion focuses on the prudence review of actual expenditures under a deferral account during a Revenue Requirement Application. It explains how a true-up process would adjust the revenue requirement by offsetting discrepancies between the deferral account and the applied revenue, potentially resulting in a net revenue requirement.
IESO NOVA SCOTIA PANEL 277 Cr-ex, (Rudderham) 1 way, you would true-up where the variance account and the 18 would see these costs coming forward. 19 Do you mind if we just pull that Q. INTERNATIONAL REPORTING INC. CERTIFIED COURT REPORTER...
AI summary The discussion revolves around the calculation and handling of cost variances, specifically the difference between actual costs and budgeted amounts. These variances are accounted for and carried forward to the next revenue requirement, which is subject to oversight by the Board.
20260625-1Hearing Transcript — 06/25/2026 (Johnny Johnston, Chris Milligan, Mike McFeters, Angie Brown)
20 passages
NOVA SCOTIA ENERGY BOARD IN THE MATTER OF: THE MORE ACCESS TO ENERGY ACT - and - IN THE MATTER OF: AN APPLICATION by the NOVA SCOTIA INDEPENDENT ENERGY SYSTEM OPERATOR for approval of its proposed expenditure and revenue requirement for th...
AI summary The Nova Scotia Energy Board is considering an application by the Nova Scotia Independent Energy System Operator for approval of its proposed expenditure and revenue requirement for the test year ending March 31, 2027, under the More Access to Energy Act.
LIST OF UNDERTAKINGS NO. PAGE NO. June 17, 2026 U-1 To provide any work product from any consultant hired to support the development of the benefits package, including compensation ranges and the benefits package 75 U-2 To provide Hugessen...
AI summary The document outlines a list of undertakings related to providing financial and operational information, including work products from consultants, compensation details for the CEO, and accounting policies. These undertakings are to be filed by specific dates and relate to regulatory proceedings.
IESO NOVA SCOTIA PANEL 337 Cr-ex, (Rudderham) 1 evidence is it's imminent, it's coming. My questioning 2 was are these two things related. Are we waiting until 3 the transition tariff these provisions are proclaimed 4 in order for IESO to...
AI summary The discussion centers on the IESO's revenue recovery mechanisms and the transmission tariff, with concerns about the clarity of how costs are recovered and the relevance of certain sections of the Act. There is also a mention of a planned reference to an IR response in Exhibit N-6 and the absence of discussion on section 79.
IESO NOVA SCOTIA PANEL 347 Cr-ex, (Rudderham) 1 factor that in before we could bring it forwards. So 2 within three months of an approval. 3 So then this Q. 4 THE CHAIR: Sorry; just on that, in 5 terms of the approval of capital costs by t...
AI summary The discussion revolves around the approval of capital costs by the Board under the Public Utilities Act and the More Access to Energy Act. The IESO clarifies that while the Board does not have direct jurisdiction to approve capital costs, such costs may be addressed through revenue requirements as depreciation or interest expense under section 29 of the Act.
IESO NOVA SCOTIA PANEL 363 Cr-ex, (Rudderham) 1 PDF page 21. 19 there are no capital costs included for approval in the INTERNATIONAL REPORTING INC. CERTIFIED COURT REPORTERS 1 revenue requirement; correct? 2 (McFeters) That's correct. A....
AI summary The proceeding discusses the revenue requirement and operating expenses related to procurement costs, including capacity contracts and managing multiple RFPs for additional capacity. The discussion centers on the approval of these costs and their inclusion in the budget.
IESO NOVA SCOTIA PANEL 371 Cr-ex, (Rudderham) 1 Q. So this is a table of spending by 13 So it's fair to make an Q. 14 assumption that IESO NS would have spent roughly around $2 15 million over that period on procurement expenses; fair? 16...
AI summary The discussion centers on the IESO NS's procurement expenses and whether the current budget of $820,000 in the revenue requirement is adequate. The witness clarifies that the table spans two fiscal years and that the $520,000 mentioned is a forecast for the current fiscal year, leaving about $300,000 for the remainder of the year.
IESO NOVA SCOTIA PANEL 387 Cr-ex, (Rudderham) 1 Oh, it do you mind just zooming out 16 the administration of those of contracts means? 17 (Johnston) So I think the A. 18 position of the IESO is that section 30 is for us to bring 19 forward...
AI summary The IESO discusses the administration of contracts under section 30, explaining that costs are brought forward when energy resources provide customer benefits. Procurement costs are included in the revenue requirement application, with an intent to transfer some costs to future proponents and refund customers.
IESO NOVA SCOTIA PANEL 391 Cr-ex, (Rudderham) 1 Q. Okay. So then does that mean 2 that the IESO NS's understanding of what the 3 administration of the costs means under section 30 does 4 not include the procurement cost or the administrati...
AI summary The discussion revolves around the interpretation of section 30 of the More Access to Energy Act, specifically regarding the recovery of costs related to energy resource supply contracts. The IESO Nova Scotia clarifies that costs such as those from tolling agreements and contract administration fall under section 30, while one-time costs like those for establishing contracts are not included in this mechanism.
IESO NOVA SCOTIA PANEL 395 Cr-ex, (Rudderham) 1 discussed that any of those would be recovered by IESO 2 Nova Scotia through a section 30 application specifically. 3 Our interpretation or our position on reading that section 4 is that it's...
AI summary The discussion focuses on the interpretation of section 30 of the Act, which pertains to the recovery of ongoing operational costs from customers once an energy supply contract is in place. The IESO currently does not have a document articulating the definition of these costs and has not yet incurred any section 30 costs.
1 what was budgeted for the 2025/2026 year; correct? Give 2 or take. 3 A. (Johnston) Give or take, that's 4 correct. 5 Q. That 300,000, is that actual 6 savings or are those amounts that are being deferred to a 7 future year? 8 A. (Johnsto...
AI summary The discussion focuses on budgeting for the 2025/2026 year, specifically addressing $300,000 in savings and whether these amounts are actual savings or deferred to a future year. The response highlights the use of a deferral account and the need to recover $5 million from customers, noting that this is less than initially budgeted.
IESO NOVA SCOTIA PANEL 407 Cr-ex, (Rudderham) 1 Q. What I'm wondering, is that 2 300,000 that would have been included in the first revenue 3 requirement, has that now pushed over into the current 4 revenue requirement, or is that actual t...
AI summary The discussion revolves around a deferred expense of $300,000 that was not spent in the '25/'26 revenue application. The entity explains that this amount is intended to be offset in the '27/'28 revenue application, provided that the costs in the previous year were deemed prudent. The intent is to compartmentalize expenses by year, ensuring that future spending is justified in future applications.
IESO NOVA SCOTIA PANEL 433 Cr-ex, (Rudderham) 1 amount. But this is really outside of our revenue 2 requirement itself. 3 Q. So when the revenue requirement 4 is recovered from a market participant, say NSPI, you're 5 saying IESO would be...
AI summary The discussion revolves around the revenue requirement and how taxes, specifically the HST, are applied to it. The IESO is seeking approval for the revenue requirement plus applicable taxes, and there is clarification on how the HST would be added to the amount passed on to Nova Scotia Power.
IESO NOVA SCOTIA PANEL 435 Cr-ex, (Rudderham) 1 passed on their cost the customers, would still be having 16 NS had indicated that they intend to file an application 17 or a filing with the Board in relation to the 18 implementation budget...
AI summary The text discusses Nova Scotia Power's intent to file an application with the Energy Board regarding an implementation budget or plan. It also addresses whether regulatory costs are included in the current revenue requirement and mentions the use of a variance account for unanticipated costs.
- been a broad activity that was anticipated, but I think to the the way you're asking the questions is if we sort of detailed out every activity, and we haven't. - Q. What I'm trying to understand is whether the costs for these items that...
AI summary The discussion revolves around whether additional costs beyond the current revenue requirement or budgeted amounts will be incurred. The speaker indicates that while actuals may differ from forecasts, there is no indication of significant costs requiring new evidence or changes to the application, and the current budget is viewed as prudent.
IESO NOVA SCOTIA PANEL 441 Cr-ex, (Rudderham) 1 Q. You've alluded to changes not of 2 the magnitude that would warrant new evidence or things 3 like that. What magnitude are you referring to? What 4 dollar amount or what percentage amount...
AI summary The discussion revolves around the IESO's approach to revenue applications and cost management, with a focus on whether changes of a specific magnitude would require new evidence. The IESO emphasizes managing costs within approved budgets, even if unexpected expenses arise later in the year.
IESO NOVA SCOTIA PANEL 459 Cr-ex, (Kayter) 1 of, you know, the possibilities here?" 2 THE CHAIR: So Mr. Kayter, there's two 3 things going on in this Application. One is the approval 4 of the revenue requirement, which the legislation 5 ab...
AI summary The discussion centers on the approval of a revenue requirement and the establishment of a deferral and variance account under the More Access to Energy Act. The Chair questions whether the Province supports the use of such an account and whether costs can be disallowed if not appropriately included.
IESO NOVA SCOTIA PANEL 463 Cr-ex, (Kayter) 1 behalf of the Department at this time, but it's a fair 2 question the Board asks, and it flows from the line of 3 questioning that I'm raising, and I didn't contemplate it 4 when I was framing t...
AI summary The discussion centers on the Board's authority to deny proposed expenditures and revenue requirements, referencing the deferral account and variance piece. The speaker mentions legislation that refers matters back to IESO Nova Scotia on a forecasted basis and anticipates eventual Board approval.
IESO NOVA SCOTIA PANEL 467 Cr-ex, (Kayter) 1 I don't think it raises a particular 6 that okay? Yeah, okay. All right. 7 So we'll do that. Why don't we break 8 again for 15 minutes. So it's 25 after 12:00. We'll come 9 back at 20 to 1:00 an...
AI summary The text is a transcript from a regulatory proceeding involving the IESO Nova Scotia Panel 467 Cr-ex, (Kayter). It includes a cross-examination by Mr. Mahody focusing on the deferral and variance account, specifically referencing the IESO's first Revenue Requirement Application for the period ending March 31, 2026.
IESO NOVA SCOTIA PANEL 477 Cr-ex, (Mahody) 1 The Board makes directions regarding 2 all future revenue requirement applications are to include 3 certain things. And I again appreciate that at the time 4 this was given, this application had...
AI summary The Board has directed the IESO to include specific standardized filings in future revenue requirement applications. The IESO confirms its intention to comply with these requirements and is working on regulatory compliance, including drafting deferral and variance mechanism guidelines and finalizing accounting policies under audit by BDO.
1 provide some draft accounting policies. But from a 2 completion perspective, the filing of the all of those 3 items with the Board, is there an impediment any 4 impediment for IESO committing to filing those by, say, 5 September of 2026?...
AI summary The discussion revolves around the timing of filing accounting policies and guidelines with the Board, particularly in alignment with the '25/'26 Board's findings. The IESO plans to file these by the time of the '27/'28 revenue requirement application. The deferral mechanism's impact on future revenue requirements is also discussed.