NB Power releases financial results, annual report for 2020/21
Fredericton, N.B. – Today, NB Power released its financial results and annual report for the 2020/21 fiscal year.
The utility was challenged during the fiscal year by the impacts of COVID-19 and by generation system reliability issues – most notably a six-week long unplanned outage at Point Lepreau Nuclear Generating Station. As a result, NB Power reported a $4 million net loss and a $9 million increase in net debt for the fiscal year.
“We are very disappointed with these negative financial results,” said NB Power President and CEO Keith Cronkhite. “While we were able to defer some of our spending and achieved $28.5 million in continuous improvement savings, we were not able to mitigate the full impact of the Point Lepreau Nuclear Generating Station outages and COVID-19 related expenses.”
Early in the fiscal year, NB Power took immediate steps to ensure reliable service and to support customers during the pandemic. Some of NB Power’s measures to support customers included residential and small business customers were able to defer electricity bill payments for up to 90 days, disconnections for non-payment were suspended , and an approved rate increase was not implemented during the height of the pandemic.
“During the early days of the pandemic, our team came together to ensure New Brunswickers continued to enjoy a safe, reliable energy supply,” said Cronkhite. “I am proud of everyone’s efforts to ensure our system remained ready during the crisis in order to ensure every business, hospital and home in New Brunswick stayed connected.”
NB Power has been a leader in emission reductions since 2005. In 2020/21, the utility sourced approximately 51 per cent of its in-province electricity demand from biogas, biomass, hydro and wind resources and an additional 30 per cent from nuclear power resulting in an 81 per cent non-emitting grid for customers.
A link to the financial results and annual report can be found here.
MEDIA CONTACT: Dominique Couture, Communications, (506) 458-2345 or DCouture@nbpower.com.