Houston says Nova Scotia coal plants need to be revalued

Premier Tim Houston says Nova Scotia Power's coal plants should be reassessed after filings show a $700-million net book value; the utility's plan to securitize those assets is under review by the Nova Scotia Energy Board and the province will file a closing submission by the end of the month.

Premier Tim Houston says Nova Scotia Power's coal plants need a fresh valuation and has raised concerns about how the assets are being accounted for. The utility reported a net book value of $700 million as of December 2025 and is proposing to securitize that amount by issuing bonds. Nova Scotia Power says securitization would remove the coal plants' value from its books and help limit potential rate increases. Federal rules require the province's coal-fired plants to retire within four years, which Houston says changed the assets' useful life but was not reflected in their accounting. Reported details: - Nova Scotia Power listed the coal plants at a $700-million net book value as of Dec. 2025. - The company has proposed securitization to recoup that value and said it could save customers up to $85 million over two years. - The company also said it would forgo up to $200 million in potential earnings from the plants while gaining a boost to credit metrics. - Premier Houston, who trained as an accountant, said he has "major concerns" about the valuation and opposes the arrangement as presented. - A public hearing on the rate application has wrapped and the Nova Scotia Energy Board is still considering the proposal; the province will file a closing submission by the end of the month. Summary: Houston's objections focus on whether the coal plants' remaining useful life and valuation were accounted for accurately, adding a provincial perspective to the energy board's review. The board is still evaluating the securitization proposal and the province will submit its closing argument by the end of the month. The final decision on securitization and any related rate changes remains pending.