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General Rate Application

Around the world and at home, energy utilities are facing a multitude of challenges that are resulting in a tremendous degree of change in the electricity sector overall.

We need a reliable, sustainable electricity system to deal with the issues we are facing today and those that will occur in the future as industries and customers increase their use of electricity, as we deal with population growth and at the same time replace several assets in our fleet as they retire or are required to be replaced to provide cleaner, greener energy solutions for our customers.

At the same time, we are concerned about affordability for our customers as they deal with increasing costs of everything. Electricity is not a luxury item and we know that it provides quality of life for New Brunswickers. We are doing everything possible to manage our cost increases.

On December 15, 2023, NB Power submitted a General Rate Application to the New Brunswick Energy and Utilities Board (EUB) requesting an increase to base power rates that will impact all customers. The rate application material is available on the EUB website by searching Matter #552.

This filing is separate from the Variance Account Recovery filing also submitted on December 15, 2023.

Why are rates going up?

NB Power is a cost-of-service organization. Here in New Brunswick, the fact that rates were held lower than they otherwise should have been has resulted in artificially low rates. As a result, we are struggling to cover the costs of operating our system and providing the services New Brunswickers need and expect.

How much is my rate going to go up?

The utility filed a two-year General Rate Application to provide New Brunswickers with as much predictability as possible in the years to come. The application is based on the expected costs for the 2024/25 and 2025/26 budget years. If approved, residential customers will see a 9.8 per cent increase in year one and a second 9.8 per cent increase in year two. 

When will the new rate take effect?

The application will go through an independent, rigorous review process by the EUB, giving customers and others an opportunity to offer feedback. The EUB will determine the timeline for hearings and subsequent decision and implementation timelines. The potential new rate would come into effect no earlier than April 1, 2024.

How will this rate increase impact me as a customer?

If approved, the rate increase will mean an increase of $18.72/month for the average residential customer.

The proposed rate increase will directly benefit all customers in a number of ways including better reliability and improvements in customer care to offer a better customer experience.

Right now, New Brunswickers are paying among the lowest residential electricity rate in Atlantic Canada. Even with the potential rate increase, New Brunswick will still have a lower rate than Nova Scotia and Prince Edward Island, and will remain among the lowest in Eastern Canada and the U.S. 

NB Power offers many programs to help New Brunswickers manage their energy use and costs by making their homes and businesses more energy efficient. Find more information at saveenergynb.ca