NB Power issues Third Quarter operating and financial results
Fredericton, N.B. – NB Power finished the third quarter of 2016-2017 with year-to-date earnings of $44 million. This represented an increase of $39 million over the same period the previous year.
“We are pleased to have seen positive earnings for the third quarter,” said Darren Murphy, Chief Financial Officer and Senior Vice-President of Corporate Services. “As we look towards year end however, we are mindful of challenges that will result from costs associated with the severe ice storm in January that affected large parts of northeastern New Brunswick and prompted the largest ever restoration effort in NB Power history.”
That storm, at its peak, left 130,000 NB Power customers without power and broke approximately 600 poles. More than 300 crews from throughout the region helped restore power to affected regions. Calculations of the cost associated with the storm are ongoing.
Year-to-date financial highlights from the third quarter include:
- Revenue from electricity sales within New Brunswick were $939 million for the nine-month period, or $24 million more than the previous year.
- Expenses linked to electricity operations were $968 million, a decrease of $59 million over the same period last year. This was mainly due to a decrease in fuel purchases and lower purchased power costs
- Finance charges and other income and unrealized gains on investments were $152 million, or 17 per cent lower than the same period the previous year. This was due mainly to unrealized gains on mark-to-market nuclear funds versus losses in the prior year, and lower interest on long-term debt.
Third quarter year-to-date highlights related to operations included:
- NB Power recommending a life achievement option for the Mactaquac Generating Station following an exhaustive consultation program.
- Point Lepreau seeking license renewal
- The launch of a Home Energy Report which helps customers save money on their power bills.
- NB Power filing for a modest 2 per cent rate increase with the Energy and Utilities Board.
The complete third quarter report can be found here. It covers the nine month period from Apr. 1 to Dec. 31, 2016. The financial information in the report has not been audited and contains financial estimates that are subject to change.
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