NB Power seeks EUB support for reliability and clean energy investments
Fredericton, N.B. – NB Power will give evidence supporting its plan to continue repaying its debt while also investing in outage prevention and reliability, and maintaining the lowest electricity rates in the Maritimes provinces in a hearing with the New Brunswick Energy and Utilities Board (EUB) this week.
NB Power’s rate application was originally filed in October 2016. The utility is requesting a rate increase that will average out at two per cent across all rate classes starting April 1st, 2017.
"While we understand that any cost increases can be difficult, we are committed to a balanced approach that includes investing in continued reliability through infrastructure, renewable energy production, vegetation management programs and greater adoption of clean energy on our grid, while paying down our debt and continuing to offer low and stable rates to our customers," said Darren Murphy, Chief Financial Officer and Vice-President Corporate Services.
Additional revenue in 2017-18 will allow the utility to offset the impact of these external factors while continuing to build equity and pay down debt in advance of the significant costs associated with the future options for the Mactaquac Generating Station. It will also allow for some necessary investments in the non-nuclear side of Point Lepreau Generating Station, improving station performance and reliability for years to come.
For the first time in nearly a decade, certain customer classes could receive slightly different rate increases based on a methodology approved by the EUB in May 2016. Customers in the General Service 1 category, which includes most small businesses, some schools and community groups, could see slightly less than the average two per cent requested. Residential customers could see an increase slightly higher than the average. If approved by the EUB, these differential rate increases are intended to promote greater fairness among the rate classes based on the cost to serve each customer class.
MEDIA CONTACT: Marie-Andrée Bolduc, Communications, NB Power, 506-458-3212 or email@example.com