The past chair of the Public Utilities Board does not think the government is accurately assessing the amount of money which has to come into play when discussing mitigation of electricity rates.
The Liberal Government says it has to offset about $730-million a year, but Andy Wells sees that figure going higher. Wells told the board yesterday at its final rate mitigation hearing that he hasn’t seen any numbers related to Emera’s guaranteeed 8.5 per cent rate of return, the cost of having the project being another two years behind schedule, or the cost of refinancing as is being discussed with the federal government.
He wouldn’t be surprised to see the cost top a billion dollars.
He talks about a 30-40 per cent increase in electricity rates. He also talks about being escorted out of the P.U.B. by the minister at the time, Andrew Parsons.