NB Power pursues debt repayment, improved reliability with rate increase
Fredericton, N.B. – NB Power will continue paying down debt and investing in reliability through infrastructure improvements, tree trimming, climate change adaptation and smart grid technology with a 1.63 per cent rate increase approved by the Energy and Utilities Board (EUB).
The new rate is expected to take effect on July 1, 2016, pending EUB approval of NB Power’s revised rate schedule.
The EUB approved the uniform rate increase across all customer classes on Monday June 27, 2016. This new rate will represent less than $4 per month for the average New Brunswick family.
“We know any increase can be difficult for New Brunswick families and we are committed to reducing the impact to our customers through energy efficiency programs. Our plan includes rebates and investments in programs that can give customers more control of their monthly bills, and help them stop paying for electricity they don’t need,” says Darren Murphy, Chief Financial Officer and Vice-President of Corporate Services. “In addition, we have a responsible and transparent plan to protect our customers from future challenges by cutting costs and paying down debt.”
NB Power has made a consistent effort to keep rates low and stable over the last few years. Even with this increase, NB Power has among the lowest electricity rates in Atlantic Canada.
As mandated in the legislation, NB Power is required to appear before the EUB every year to present its corporate objectives and long term financial commitments.
MEDIA CONTACT: Deborah Nobes, Communications, 506-458-4838 or firstname.lastname@example.org.