The Town of Antigonish Electric Utility is forecasting a deficit of around $210,000 for the fiscal
year ending March 31, 2023.
During December’s regular monthly meeting of Antigonish Town Council last night, Megan Barkhouse, director of corporate services for the town, made a presentation to council on the operating budget for the utility.
Jeff Lawrence, CAO for the town, explained the town is importing power at the 2021 rate, which was before prices almost doubled for importing power. He said the only other source for wholesale power is Nova Scotia Power, noting they will go on the wholesale rate on January 1.
When asked if this means power rates will go up for town utility customers, Lawrence said he expects that the power rates will rise. He notes any rate study won’t be effective before at least April, adding it depends on when the Nova Scotia Utility and Review Board would rule on the rate study. Lawrence said NSP is in the process of going through a general rate study with the UARB.
Lawrence said the deficit projection is conservative, noting it could be lower. He said the Utility currently has around $2 million in retained earnings. He said the deficit would come out of that, knowing they are going through a rate study to stabilize the utility on a go forward basis