NB Power issues operating and financial results for 2016-2017
FREDERICTON, N.B. – NB Power recorded earnings of $27 million in fiscal 2016/17 despite significant challenges posed by the $30 million impact of the January 2017 ice storm. In addition, the utility decreased its net debt by $13 million.
The year also saw advancement of a number of key operational initiatives including the Mactaquac Generating Station decision, modernization of the system through Smart Grid, and achievement of the best operating performance at the Point Lepreau Nuclear Generating Station since refurbishment.
“An important achievement for the year was the selection of a preferred option for the future of the Mactaquac Generating Station following an extensive, three-year comprehensive review process,” said Ed Barrett, Chair of NB Power's Board of Directors. “In December, we were pleased to recommend a project to achieve Mactaquac’s intended 100-year lifespan and address ongoing challenges with concrete expansion at the station.”
In 2016/17, the utility remained committed to keeping rates as low as possible by running the utility as efficiently as possible.
“We are pleased to have recorded earnings of $27 million for the fiscal year,” said NB Power President and CEO Gaëtan Thomas. “Our financial results were supported by our ongoing efforts to pursue internal savings through continuous improvement work. These efforts resulted in more than $27 million in annualized savings.”
During the year, the utility invested $17 million in energy efficiency programs that provided opportunities for customers to save energy and money at home through rebates on energy efficiency products, programs and services.
Throughout 2016/17, NB Power continued its efforts to find opportunities to increase its focus on safety, customers and the ability to contribute to the financial viability of the province through reliable and environmentally sustainable operations.
NB Power’s year-end financial statements are included in its 2016/17 annual report. The complete year-end financial and operating results can be found in NB Power’s annual report here .
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