NB Power issues second quarter financial and operating results
Fredericton, N.B. – In spite of a number of challenges including very low hydro generation and the impact of weather-related events, NB Power’s operating earnings were $102 million for the six-month period ending September 30, 2018. Full details of NB Power’s second quarter financial and operating highlights are available in the report.
“While NB Power achieved positive operating earnings during the quarter, the first six months of this fiscal year have proven to be very challenging,” said Darren Murphy, NB Power Chief Financial Officer and Senior Vice President of Corporate Services. “In response to these challenges, NB Power remains committed to reducing operating expenses by streamlining our operations and finding other efficiencies while at the same time maintaining our commitment to service reliability and safety.
Operational highlights during the quarter included:
- NB Power continued its work to strengthen infrastructure in 11 communities in the province. NB Power’s multi-year transmission line rebuild program, which includes $20 to $27 million annually in reliability improvements, is part of the utility’s more than $100 million annual investment in transmission and distribution improvements.
- NB Power representatives visited 23 community events around the province this quarter where staff engaged with customers, and showcased products and services.
- During the quarter, NB Power and the New Brunswick Emergency Measures Organization (NBEMO) prepared for a full-scale nuclear emergency exercise which was held in October. This exercise, known as the Synergy Challenge, was a multi-tier and multi-jurisdiction event for the Point Lepreau Nuclear Generating Station that tests emergency preparedness, response and recovery capabilities, as well as decision-making by NB Power, NBEMO and emergency response partners.
The information provided in this quarterly report includes year-over-year financial variances for the year-to-date (April to September).
MEDIA CONTACT:Marc Belliveau, communications, NB Power, 506-458-4203; firstname.lastname@example.org.