A day after New Brunswickers learned NB Power will apply for a two per cent rate hike, Nova Scotia Power announced rates will go down in the new year.
Nova Scotia Power says rates for residential customers will be reduced by just under one per cent, while rates for other customer groups will either stay the same or go down slightly.
Small businesses will see the largest decrease with rates dropping 2.2 per cent.
“You know how we get upset when interest rates go up by 2.2 per cent – any decrease of 2.2 per cent over the long term is considerable,” said small business owner Fred Connors.
Nova Scotia Power says it's the second year in a row that electricity prices have gone down for small businesses, which saw a decrease of 4.5 per cent last January.
“This is really good news for small business because the cost of doing business in Nova Scotia and doing business in Halifax continues to go up, so for small business to be able to receive a break,” said Connors.
Nova Scotia Power said in November that it would introduce a rate stability plan early in the New Year.
The plan will cover 2017, 2018 and 2019 with the goal of no general rate increases, and fuel rate increases of 1.5 per cent or less per year.
“Our hope which has been publicly stated is to have no general rate increase and to keep fuel rate increases to 1.5 per cent or less, which would be less than the cost of inflation,” said David Rodenhiser of Nova Scotia Power.
NB Power announced Tuesday it is seeking a two per cent rate hike for all its customers through the New Brunswick Energy and Utilities Board.
With files from CTV Atlantic's Jacqueline Foster and The Canadian Press.
