NB Power remains on track for forecasted year-end earnings after Second Quarter
Fredericton, (N.B.) - After the second quarter, NB Power remains on track to finish the year with positive earnings for the fifth straight year. NB Power's Second-Quarter financial report is available here.
"We expect to finish the year achieving our financial targets even with the extra expenses related to Post-tropical Storm Arthur," said Darren Murphy, Vice President of Corporate Services and Chief Financial Officer. "It's vital for our customers that we continue to achieve strong financial performance that allows us to invest in our reliability, maintain our strategy of low and stable rates for the foreseeable future and pay down $1 billion worth of debt by 2021."
Positive year end results are anticipated thanks to positive cash flows, the ongoing pursuit of process improvements and efficiencies and strong performance in investment earnings.
To this point in the fiscal year, lower hydro flows, the $23 million impact of Post-tropical Storm Arthur and the impact of a planned outage at Point Lepreau Generating Station during the first quarter have been partially offset by strong investment performance and reduced costs associated with the conversion to the shared risk pension plan. Even with these impacts, NB Power is still forecasting positive earnings for the entire fiscal year as it has since the beginning of the year.