Nova Scotia Power was ordered to pay a multi-million dollar refund to customers Friday by regulators who ruled a mega-project once again failed to deliver promised benefits.

Ratepayers are on the hook for the $1.57-billion Maritime Link, which was completed on time and on budget in 2017 to bring electricity from the Muskrat Falls hydro project into Nova Scotia via subsea cable across the Cabot Strait.

The problem is customers haven't been getting what they paid for.

The Maritime Link has not delivered any electricity from Muskrat Falls. That project is years behind schedule and billions over budget.

But Nova Scotia Power customers were charged $109 million in 2018 and $115 million in 2019 for the Maritime Link.

In 2020, it will cost ratepayers $144 million.

NSP claims customers getting value

NSP claims customers are getting value because some electricity from Nova Scotia has crossed into Newfoundland.

In 2017, the Nova Scotia Utility and Review Board demanded proof the link would provide a minimum of $10 million a year in benefits for Nova Scotia Power ratepayers.

It ordered NSP to hold back $10 million a year in what it charges ratepayers for the link.

The regulator has now tallied up the actual benefits for 2019.

$4.5M refund ordered

On Friday, it ordered NSP to take $4,517,904 from the money held back and return it to ratepayers.

It will be applied to NSP's fuel costs that are hundreds of millions of dollars a year.

The Maritime Link is a transmission system that includes subsea cables from Newfoundland to Nova Scotia. (Government of Nova Scotia)

It means the refund likely won't result in lower bills.

The remaining $5.4 million held back will be sent to NSP Maritime Link, an affiliated company also owned by parent Emera.

Refund was bigger for 2018

The 2019 benefits from the Maritime Link were actually an improvement.

In 2018, the company had to refund $8.4 million from money held back.

The review board noted in November 2019 benefits from the Maritime Link have been "very significantly below those represented by NS Power and NSP Maritime Link."

It's not clear when Muskrat Falls will actually produce the electricity it is obliged to deliver to Nova Scotia.

The latest target is some time this year.

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