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Mersey River Wind says electricity from 33 turbines will be competitive with Nova Scotia Power rates
As of this fall, Nova Scotians will be able to buy electricity from a company other than Nova Scotia Power.
That is if Mersey River Wind gets some of its 33 wind turbines up, spinning and hooked to the grid by year’s end.
Renewall Energy Ltd. has already begun advertising to sell power from the wind farm under the province’s Renewable to Retail program.
The cost of that electricity to customers isn’t published on the company’s website, though it advertises it as being competitive with Nova Scotia Power rates.
“(The project) will offer Nova Scotians choice in where they buy their power,” said Premier Tim Houston at an announcement of federal funding for the project on Thursday in Hunts Point, Queens County.
“It is competition being added to our province.”
Under the Renewable to Retail program, customers from households to large organizations can purchase power directly from approved independent renewable electricity producers. That power will be balanced by other sources in the Nova Scotia Power grid so that when the wind isn’t blowing, electricity will still flow to Renewall’s customers.
Renewall is so far the only approved producer in the program, which was created two years ago.
It will be selling power from the 148.5 megawatt Queens County wind farm being built by Slate Asset Management and a fund managed by Hamilton Lane.
Big loan and other funding
On Thursday, the premier was joined by two federal ministers, South Shore-St. Margarets MP Jessica Fancy and local dignitaries for an announcement of a $206-million loan to Slate Asset Management and Hamilton Lane from the Canada Infrastructure Bank.
Those in attendance declined to state what the interest rate is on that loan.
The project will get another $25 million from Natural Resources Canada and is eligible to write off up to 30 per cent of its capital costs under the Clean Technology Tax Credit.
“By supporting the Mersey River Wind project, we’re helping Nova Scotians access more affordable, reliable and renewable electricity,” said Gregor Robertson, federal minister of housing and infrastructure.
“Our government is committed to investing in infrastructure that reduces emissions, creates good jobs and strengthens our economy.”
How they say it will work
Under the Renewables to Retail program, consumers contract directly with those generating electricity. Nova Scotia Power applies a base load charge, the same as it does to all consumers, and a distribution tariff for the cost of the electricity transiting through its grid.
Renewall president Dan Roscoe said that the company so far has 32 commercial/industrial contracted customers for when the wind farm, expected to be fully operational in 2027, comes online. Among those is Halifax Regional Municipality, which last month signed a contract with Renewall for about 33,000 megawatt hours annually, roughly 45 per cent of its corporate electricity consumption.
Renewall is bringing greater choice and affordability to Nova Scotia electricity consumers for the first time, said Roscoe.
“With the support of the Canada Infrastructure Bank and the Government of Canada, the Mersey River Wind project will harness our province’s natural wind power advantage to provide clean renewable power to Nova Scotia families and businesses for decades to come.”
Roscoe said the project is scalable and that he expects to see other producers beyond Renewall coming online in the coming years to compete with Nova Scotia Power.
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