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NB Power issues third quarter operating and financial results

2018-03-01


Fredericton, N.B. – NB Power finished the third quarter of the 2017-18 fiscal year with net earnings of $19 million.

“NB Power is anticipating another year of positive earnings while making significant investments in customer initiatives such as energy efficiency and reliability programs,” said NB Power Chief Financial Officer and Senior Vice President Corporate Services Darren Murphy.

Operational highlights during the quarter included:

  • An announcement that the provincial government, federal government and NB Power are committed to investing more than $234 million over the next five years in efficiency programs for homes, businesses and public spaces, which includes $80 million in investments from the utility.
  • Work continued in storm proofing the power grid to make it more reliable. This includes $20 million to $27 million invested on reliability improvements in communities as part of more than $100 million in annual investments on transmission and distribution improvements.
  • NB Power announced the doubling of its public charging stations for electric vehicles to 19 standard level-2 and 10 fast-charging stations across the province. New Brunswick has the fastest-growing electric vehicle charging network in Canada.
  • It was announced that a new cleaner fuel source will be researched for the Belledune Generating Station as part of a larger strategy to reduce greenhouse gas emissions across a variety of sectors in the province.
  • The official opening of a $9-million fish passage at the Tobique Generating Station was announced with the participation of the Tobique First Nation and federal partners. This was the result of a protocol agreement signed by NB Power and the federal Department of Fisheries and Oceans in 2010 to improve the protection of fish and fish habitat around hydro facilities.

The complete third quarter report can be found here.

MEDIA CONTACT:

Marc Belliveau, communications, NB Power, 506-458-4203, mbelliveau@nbpower.com.