Ottawa Finalizes $500M Bailout to Nova Scotia Power to Keep Rates in Check

The construction site of the hydroelectric facility at Muskrat Falls, N.L. is seen on July 14, 2015. The Canadian Press/Andrew Vaughan

Ottawa has finalized a $500-million bailout to help Nova Scotia Power keep rates from skyrocketing due to delivery delays of Muskrat Falls electricity.

Emera, the parent company of Nova Scotia Power, confirmed the deal—first announced Sept. 16 by federal Natural Resources Minister Jonathan Wilkinson—in a news release Tuesday.