NB Power seeks EUB permission to share cash settlement with customers through lower rate increase
Fredericton, N.B. – NB Power has filed new evidence with the Energy and Utilities Board to demonstrate a reduction in its rate increase request from an average 2.0 per cent to an average 1.5 per cent following a recent settlement with several insurers who underwrote the refurbishment project at the Point Lepreau Nuclear Generating Station.
If approved by the New Brunswick Energy and Utilities Board (EUB), the lower rate request represents a lesser increase for the average New Brunswick household, from the original $4.00 a month to $2.68 a month, starting later in the spring of 2018.
“We are very pleased to immediately share the benefits of this cash settlement with our customers through a reduced rate increase,” said Gaëtan Thomas, NB Power President & CEO. “We are also greatly encouraged that our determined pursuit of a fair settlement with insurers on behalf of our customers has successfully concluded.”
The settlement will allow NB Power to reduce its debt and this will also result in reduced interest costs for the utility.
MEDIA CONTACT: Marie-Andrée Bolduc, NB Power Communications, email@example.com, 506-458-3212.