BILL NO. 98

(as introduced)

4th Session, 61st General Assembly
Nova Scotia
61 Elizabeth II, 2012

Private Member's Bill

Nova Scotia Power Stranded Asset Disclosure Act

Andrew Younger
Dartmouth East

First Reading: October 25, 2012

Second Reading:

Third Reading:

Be it enacted by the Governor and Assembly as follows:

1 This Act may be cited as the Nova Scotia Power Stranded Asset Disclosure Act.

2 In this Act,

(a) "Corporation" means Nova Scotia Power Incorporated;

(b) "Board" means the Nova Scotia Utility and Review Board;

(c) "Minister" means the Minister of Energy;

(d) "report" means the report referred to in subsection 3(1);

(e) "stranded assets" means the capital assets of the Corporation that

(i) satisfy the criteria prescribed by the regulations,

(ii) where no criteria are prescribed by the regulations, satisfy the criteria prescribed by the Board, or

(iii) where no criteria are prescribed by the regulations or the Board, the Corporation reasonably considers to be stranded assets.

3 (1) The Corporation shall submit to the Board and the Minister an annual report setting out the full cost and amortization of all stranded assets of the Corporation.

(2) The report must include

(a) a statement of the financial position of the Corporation;

(b) information respecting the location and operability of all stranded assets;

(c) information respecting the original purchase price of and the projected amortization rate for all stranded assets;

(d) projections of

(i) the costs associated with the maintenance and upkeep of all stranded assets, and

(ii) the standard operating expenses in respect of all stranded assets;

(e) such other statements, supporting schedules and notes as the Minister or the Board may specify.

(3) The Corporation must submit the report to the Board and the Minister within 60 days of the conclusion of each fiscal year.

4 (1) The Board shall review the report to certify the accuracy of the report and, where the Board determines that

(a) the report is not accurate;

(b) the report identifies as stranded assets any assets that

(i) do not satisfy the criteria prescribed by the regulations or the Board, or

(ii) cannot be reasonably considered to be stranded assets; or

(i) satisfy the criteria prescribed by the regulations or the Board, or

(ii) can be reasonably considered to be stranded assets,

(2) The Board shall complete its review and either certify the reasonableness and accuracy of the report or reject the report no later than 90 days after day on which the report is submitted to the Board.

(3) Where the Board certifies the reasonableness and accuracy of the report, the Board shall forthwith provide notice of the Board's certification of the report to the Minister.

5 Upon receiving the notice referred to in subsection 4(3), the Minister shall table the notice and the report in the House of Assembly if the House is then sitting or, where the House is not then sitting, file the notice and the report with the Clerk of the House.

6 (1) The Governor in Council may make regulations

(a) prescribing criteria for the purpose of the definition of "stranded assets";

(b) respecting any matter or thing the Governor in Council considers necessary or advisable to effectively carry out the intent and purpose of this Act.

(2) The exercise by the Governor in Council of the authority contained in subsection (1) is a regulation within the meaning of the Regulations Act.

7 This Act has effect on and after July 1, 2013.