NB Power issues first quarter financial and operating results
Fredericton, N.B. – NB Power is anticipating another positive year as the first quarter of 2016-2017 finishes with net earnings of $31 million. The $45 million improvement in earnings over last year was primarily a result of strong financial market performance and the increased focus on capital investments made during the planned maintenance outage at Point Lepreau Nuclear Generating Station. Full details of NB Power’s quarterly financial and operating highlights are available in the report.
“With Point Lepreau now online following a productive maintenance outage, we are well positioned to meet the growing electrical needs of our customers through the colder fall and winter period with reliable, emission-free power,” said Darren Murphy, NB Power Chief Financial Officer and Senior Vice President of Corporate Services. “The outage was scheduled to benefit from the increase in hydro generation available during the spring of the year, minimizing the costs of replacement energy.”
Operational highlights for the quarter include:
- NB Power’s Smart Habits campaign was a double winner in Natural Resources Canada’s awards honouring organizations that demonstrate excellence in offering Canadian consumers the most energy-efficient products and technology available on the market.
- The Energy and Utilities Board (EUB) approved a rate increase of 1.66 per cent across all customer classes effective July 1, 2016. The decision follows four days of public hearings conducted in May 2016, during which NB Power responded to detailed questions about the utility’s rationale for the rate increase from EUB members, public and private interveners and members of the public.
- Point Lepreau Nuclear Generating Station completed a scheduled maintenance outage between April and June. More than 600 contractors and tradespeople worked with NB Power staff during the 72 day outage, completing 15,000 planned technical maintenance activities on the conventional and nuclear Station’s components.
- More than 10,000 New Brunswickers shared their views online and in person on the future of Mactaquac Generating Station as part of NB Power’s public engagement program ending May 31, 2016. NB Power will recommend a preferred option for the station in late 2016.
The information provided in this quarterly report includes year-over-year financial variances for the year-to-date (April to June). The financial information contained in the report has not been audited, and it contains financial estimates that are subject to change.
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