NB Power posts year-end financials, annual report
FREDERICTON, NB – NB Power released its 2017-18 annual report today, recording earnings of $23 million in fiscal 2017/18.
Some of the year’s highlights included investments of $100 million in strengthening the province’s transmission system, in addition, to reducing its debt by $133 million. NB Power’s investment in maintenance and reliability are showing positive results with Point Lepreau recording its best operational and performance results since 1994, with net electrical production of 5.16TWh (Terawatt Hours) of low carbon electricity. One Terawatt hour is the equivalent of 1 Million Megawatt hours, producing enough non-emitting electricity to power more than 333,000 homes per year.
The annual report for 2017/18 can be found here.
NB Power also broadened its efficiency programs during the fiscal year to encompass all heating fuels, and it expanded its Electric Vehicle charging programs in partnerships with the federal and provincial governments to 19 new stations around the province.
NB Power continues to make investments in Smart Grid and Smart Solutions to help customers save energy, while keeping rates competitive and energy system reliable for a cleaner energy future. In addition the utility was able to achieve $12.5 million in savings led by employee-driven continuous improvement and $6 million in saving through regional co-operation measures with other utilities.
About NB Power
NB Power is the primary electric utility in New Brunswick and was established in 1920. It serves over 400,000 customers with safe, reliable and efficient electricity. The utility is focused on promoting the efficient use of energy in customers’ homes and businesses by enabling and providing new, value-added energy efficient solutions in order to help reduce carbon, better integrate renewable energy and stimulate the economy.
Based on the current generation mix, NB Power is well positioned to provide its customers with electricity generated with consideration for the environment. Currently, 42 per cent of its energy is from renewable sources and 70 per cent is non-emitting when Point Lepreau is added. The utility is on track to contribute to the provincial goal of having as much as 75 per cent of the electricity used in New Brunswick coming from clean, renewable or non-emitting sources by 2020.
MEDIA CONTACT: Marc Belliveau, Communications, NB Power, 506 458-4203 or email@example.com