NB Power releases financial results, annual report for 2019/20
Fredericton, N.B. – NB Power today released its financial results and annual report for the 2019/20 fiscal year.
A link to the annual report can be found here.
The Corporation reported a $16 million net loss for the fiscal year.
“Like companies all over the world, NB Power was impacted financially by the pandemic,” said NB Power President and CEO Keith Cronkhite. “Despite achieving higher operating earnings in 2019/20, we experienced a significant reduction in investment income over the previous year due to the instability of the financial markets at fiscal year end, which was primarily driven by the effects of the pandemic.”
Despite the fiscal challenges, NB Power was able to reduce the net debt as at March 31, 2020 by $20 million to $4,920 million. The decrease in net debt was primarily attributable to increased cash flow from operating activities mainly as a result of increased revenues and faster payments by customers.
In addition, employee-driven savings programs helped the company save $31 million in 2019/20.
- When COVID-19 arrived in New Brunswick at the end of our fourth quarter, with the support of the Government of New Brunswick, NB Power announced several measures to support customers including extending payments on bills and suspending disconnections.
- During 2019/20, Point Lepreau Nuclear Generating Station (PLNGS) produced 5,046,876 net MWh of non-emitting electricity. PLNGS production represented approximately 36 per cent total supply to New Brunswick customers. In April 2019, the Station marked 310 days of continuous high-power operation between planned maintenance outages. This is the longest continuous operational run in 25 years.
- In 2019, NB Power surpassed the aggressive renewable portfolio standard set by the Province of New Brunswick. The provincial government mandated that by 2020, NB Power must achieve at least 40 per cent of its energy requirements from renewable sources. NB Power has attained 44 per cent of renewable sourced energy and 80 per cent carbon-free production.
- NB Power delivers New Brunswickers a mix of energy from many sources, balancing cost, reliability and environmental impact.
- Efficiency programs continued to perform strongly for residential, commercial and industrial customers. Since NB Power took over efficiency program for the province, New Brunswickers have saved more than $150 million in energy costs for New Brunswickers while investing more than $82 million in the local economy.
- NB Power completed the installation and commissioning of two submarine cables between Deer Island and Campobello Island and between Campobello Island and Grand Manan Island in the fall of 2019.
- During the year, NB Power invested more than $62 million in a transmission rebuild program, completing several life extension and storm hardening projects.
- A new transmission line was built in Neguac; and the international power line that runs from the Woodstock area to the Canadian/ US border at Houlton, Maine was completed.
Marc Belliveau, 506-238-3273; email@example.com