NB Power Reaches Settlement with Nuclear Insurers and Seeks Permission for Lower Rate Increase
Fredericton, N.B. – Today, NB Power announced that it has reached a settlement with several insurers who underwrote a construction all risk insurance policy during the refurbishment project at the Point Lepreau Nuclear Generating Station.
“This is a great day for NB Power and the people of New Brunswick,” said Gaëtan Thomas, NB Power President & CEO. “While the specific details of this insurance settlement are subject to a confidentiality agreement at this time, we do know that the settlement allows us to seek a lower rate increase for all New Brunswickers in the current hearing.”
As a result of this settlement, NB Power’s Board of Directors has asked management to seek permission from the Energy & Utilities Board (EUB) to temporarily adjourn the current EUB proceeding in order to assess the implications of this settlement on the 2018/19 General Rate Application. At this time, it is expected that the overall rate increase will be adjusted down from the original overall request of 2.0 per cent.
“NB Power is pleased to have resolved this matter and to be in a position to share the benefits of this settlement with our rate payers,” said Mr. Thomas.
MEDIA CONTACT: Deborah Nobes, NB Power Communications, email@example.com , 506-458-4838.