To the editor,
It's a safe bet you've never said to yourself "what this province needs is more high-paid energy executives!"
But if the experience of other states and provinces is any indication, that's just what Stephen McNeil and the Liberals' electricity deregulation plan could deliver.
A new report from the Texas Coalition for Affordable Power shows that energy company executive salaries in that state rose an average of 175% since deregulation, exceeding the average increase across the US. Average salaries for heads of major energy companies rose from $2.7 million to $7.5 million.
Stephen McNeil plans to open up Nova Scotia's electricity market to any company who wants to come in and generate power, by whatever means they choose. Opening the market in Nova Scotia won't lower anyone's bill. In fact, everywhere it's been tried the result is the same: rates that skyrocket 30-50% or more. Meanwhile, you'll be paying for more head offices, more profits and more executives with outrageous salaries.
It's not fair that executives at Nova Scotia Power have had their bonuses and salaries paid for by ratepayers when there are families struggling to make ends meet. That's why the NDP government brought in a new law to remove bonuses and cap the amounts of executive salaries that can be charged to Nova Scotia ratepayers.
Nova Scotia families can't afford McNeil's expensive electricity experiment and 30-50% rate increases. To learn how Darrell Dexter and the NDP are fighting for the lowest, fairest energy rates for families and a clean energy future for Nova Scotia, visit lowestfairestrates.ca.
President, NS NDP