NB Power issues second quarter operating and financial results
Fredericton, N.B. – NB Power finished the second quarter of 2016-2017 with year-to-date net earnings of $45 million, $81 million higher than the same period the prior year. The utility’s net debt was temporarily increased by $29 million due to higher capital spending and post-employment benefit costs. Full details of NB Power’s quarterly financial and operating highlights are available in the report.
“We are anticipating positive net earnings at year end. Our major planned maintenance outages in generation have been completed and we are well positioned to meet the needs of our customers as we head into the cold winter months,” said Darren Murphy, Chief Financial Officer and Senior Vice President of Corporate Services.
Year-to-date financial highlights from operations (excluding finance charges and market-related impacts on investments):
- Revenue from electricity sales within New Brunswick totalled $573 million for the period, $10 million higher than the same period the prior year due in large part to the small rate increases of the previous year. Out of province revenues of $115 million were $46 million lower than the same period in the prior year due to lower volumes and market conditions.
- Expenses attributed to utility operations for the six month period were $581 million, a decrease of $71 million from the same period last year. The decrease is related to lower fuel and purchase power, depreciation and operations, maintenance and administration costs.
Year-to-date highlights from other income and expenses including finance charges and market-related impacts on investments:
- Unrealized gains on investments were $31 million for the period, $47 million higher than the same period the prior year due to improved financial market performance. NB Power financial results are impacted by the volatility of the financial markets.
Year-to-date operational highlights include:
- Point Lepreau Nuclear Generating Station operated at high power throughout the quarter, achieving more than 5.1 million person hours worked without a lost-time accident.
- Studies evaluating future project options for the Mactaquac Generating Station were made public in August.
- NB Power began installing downstream fish passage at Tobique Generating Station during the fall of 2016 to improve survival rates of wild Atlantic Salmon and other fish species on the Saint John River watershed.
The information provided in this quarterly report includes year-over-year financial variances for the year-to-date (April to September). 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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