Bill 193: Powering the Economy Act

This bill touches several distinct types of Nova Scotia businesses. Companies pursuing offshore wind or tidal energy projects — whether bidding on submerged land licences or already holding them — will face new upfront bid fees, annual capacity-based levies ($7,000/MW for the first 10 years), and after year 10, a levy based on the greater of the capacity rate or a percentage of gross revenue, along with detailed reporting and record-keeping obligations. Oil and gas operators working onshore or near-shore in Nova Scotia will see their existing permits under the old Petroleum Resources Act revoked and will need to enter into new exploration or production agreements under the replacement legislation within six months, requiring them to re-engage with licensing processes for drilling, well completion, hydraulic fracturing, and production activities. Emerging players in natural hydrogen, geothermal energy, and carbon capture and storage will for the first time have a clear provincial licensing framework — exploration licences, production leases, sequestration licences — each with their own application, work obligation, royalty, and data submission requirements. The extended deadline to May 2028 for transferring Nova Scotia Power staff and assets to the new Independent Energy System Operator affects utility-sector employees and the organizational planning of both entities.