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NB Power posts robust reliability, break-even financials in Third-Quarter Report

2016-02-23


Fredericton, N.B. – NB Power customers experienced fewer and shorter power interruptions in the last six months of 2015 compared to the previous year.   There was a 40 per cent decrease in the length of outages and a 19 per cent decrease in the number of outages in the final six months of 2015 compared to the final six months of 2014. 

“This represents a substantial improvement in customer reliability in the early winter months as it means there were significantly fewer outages for New Brunswick homes during this period,” said Gaëtan Thomas, President and CEO. “Even with these positive results, we know we have work yet to do in certain areas of the province, and we will continue to invest in tree-trimming and infrastructure to meet our customer’s expectations of exceptional reliability.”

Improvements to grid reliability and earnings of $39 million in the third quarter as Point Lepreau returned to full operations are major highlights from NB Power’s Third Quarter report, now available online.

After posting losses in the first two quarters, the year-to-date financial results for the quarter ending December 31 indicate a return to break-even, though earnings were impacted by warmer than average temperatures, low hydro flows and costs associated with uneven performance at Point Lepreau Generating Station during the first two quarters of the fiscal year.

“Point Lepreau has performed well during the winter months for the third year in a row,” said NB Power Chief Financial Officer Darren Murphy. “At the end of the quarter, the station had operated for 75 days consecutively at high power with a net capacity factor for December of 99.7 per cent. This steadfast performance when needed most is essential in helping us meet the heating needs of New Brunswickers.”

Financial highlights are as follows:

In-province revenue increased by $7 million compared to the previous year, mainly due to a 1.6 per cent rate increase in October 2015, while out-of-province revenue was $24 million higher, due to higher export prices and increased opportunity sales.

Expenses attributed to electricity operations increased by $64 million compared to the previous year. This is primarily the result of a $35 million increase in fuel and purchased power costs and $25 million increase in labour and operations costs related to work at Point Lepreau.

MEDIA CONTACT: Deborah Nobes, Communications, 458-4838 or dnobes@nbpower.com.