Tuesday, November 23, 2010

Tufts Cove to cost $93 Million

Nova Scotia Power was given the OK on Monday to spend an extra $8.7 million on its Tufts Cove waste heat recovery project. (TIM KROCHAK / Staff / File)

     Here is another article that I was able to come across, this time done by JUDY MYRDEN; It is about NSP (Nova Scotia Power) and the Tufts Cove project to cost $93 million which is up from the original cost that put out on Sept. 12, 2007 in the amount of $66.2 million, this is the second increase since it was put out 3 years ago, the first increase was approved on May 28, 2008 to increase the budget for the project to $84.3 million.

     This means that they were approved to increase the spending to get this project done the first time by 18.2 Million not even 1 year after it got started; Now we are in to year 3+ and the project is still not done but they were approved for another financial increase for the project of $8.7 Million more, this does not seam right to me, power rates seem to go up every other year, yet the company is consistently making a profit every year, Nova Scotia Power Inc. earnings rose to $22.4 million from $16.6 million, so they have had almost 8 Million more in profits this year, but yet they still want a rate hike for the consumers, when is enough enough for large companies, no company needs to make this much money after all is said and done; at what point is this going to be considered greed, when all the poor/old age and such can no longer afford to have power where they live.

     Who here wants to have a possible rate increase from Nova Scotia Power of 18% (industrial) and 12% (residential), I know I do not, sure I use power, but I know I am using right around the same amount now as I was back in 2000, my rates have gone from Basic Charge of $21.00 to $21.66 and a per KWH of $0.0835 to 0.11612. That is a basic charge increase of $0.66 (3.1%) and a increase of 0.03262 (71.9%) per KWH used and yet get hit with a high wind storm and we lose power for who knows how long; I say increases like that should have results that can be seen and tested.

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