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Government Intervening to Halt Net-Metering Charges – Government of Nova Scotia

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The Province will protect solar homeowners and small businesses in the solar industry with regulations that will stop the proposed net-metering charge in Nova Scotia Power’s most recent rate application.

Premier Tim Houston sent a letter notifying the Nova Scotia Utility and Review Board (NSUARB) of the government’s plans today, February 2.

“We agree that it is time for changes to the enhanced net-metering program but the changes we seek will support the greening of the grid, not discourage it,” said Premier Houston. “Our government will bring forward the necessary legislative and regulatory framework that will protect ratepayers and the solar industry in Nova Scotia and help achieve our environment and climate change reduction goals.”

Nova Scotia Power has proposed that, beginning February 1, 2023, new net-metering customers will pay a system access charge of $8 per kilowatt per month. While the charge is not yet in place, the Province will ensure that the charge will not take effect, preventing a direct and immediate negative impact on small businesses and homeowners across the province.

The Province’s framework will preserve the enhanced net-metering program as it was on January 26. The framework will be brought into force before the conclusion of the general rate application proceeding at the NSUARB.

“We have come too far in our fight against climate change and expanding access to renewable energy to risk that progress,” said Natural Resources and Renewables Minister Tory Rushton. “The changes we will bring forward will stop the proposed system access charge in its tracks today and provide certainty for our solar industry and rate-paying families investing in solar.”

The government is also bringing in further measures to grow the solar industry in Nova Scotia, with enhancements to the commercial and community solar programs. These enhancements will make solar power more accessible to everyone, including renters, small businesses and marginalized communities. These changes will also allow for larger solar projects for communities, farms and businesses.

Climate change is one of the biggest global issues today, and Nova Scotia has set one of the most ambitious targets for reducing greenhouse gas emissions. Achieving that target requires a range of solutions to expand access to renewable energy, including solar energy.

Quotes:

As the Minister responsible for the Environmental Goals and Climate Change Reduction Act, I want to assure Nova Scotians that our resolve in achieving our greenhouse gas emission targets – which includes the use of solar power to reduce emissions – is unwavering. We want Nova Scotians to continue to adopt solar. That is why we invest in programs to encourage Nova Scotians to switch to solar, including $8 million we recently announced for solar retrofits.
Timothy Halman, Minister of Environment and Climate Change

Quick Facts:

  • the Province has committed to 80 per cent of Nova Scotia’s electricity needs being supplied by renewable energy by 2030
  • there are now more than 4,000 solar homes across Nova Scotia
  • the solar industry contributed approximately $30 million in private-sector investment to the provincial economy last year
  • the proposed net-metering charges from Nova Scotia Power are not in line with the new Environmental Goals and Climate Change Reduction Act


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Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

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TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

The Canadian Press. All rights reserved.

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

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TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

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ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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