General Rate Application
Our team works hard every day to provide New Brunswickers with safe, reliable power while helping customers manage their energy costs. Our utility is under tremendous cost pressure right now, as are businesses everywhere. The last number of months have seen unprecedented volatility in prices which, as a cost-of-service utility, we need to factor into our cost of delivering electricity to customers.
On October 5, 2022, 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 #541.
What does this mean for our customers?
We have applied to the EUB for an 8.9 per cent rate increase. This would mean an increase of about $16 per month for the average residential customer bill.
We understand no one wants to see rising bills and we offer many efficiency programs to help customers manage their energy costs. Our efficiency website, www.savenergynb.ca, is a one-stop-shop for programs for homeowners, renters, landlords and business owners.
Helping customers conserve and use energy efficiently helps to reduce costs for both the customer and for NB Power.
Currently NB Power is facing significant cost pressures consistent with the things that all New Brunswick residents and people around the world are facing, including
- high and volatile fuel costs
- rate of inflation
- high interest rates
- supply chain uncertainty
- other commodity cost increases
We also have challenges facing us as an electric utility, including aging infrastructure, climate change, increased electrification needs and ensuring the system is strengthened to deal with more frequent and intense storms, falling trees and changing customer expectations.
We’re taking steps forward to adopt renewables and modernize our grid. We are investing in energy efficiency programs to help customers manage their energy usage and costs. At the same time, we are continuing to work with New Brunswickers to be a leader in reducing our environmental footprint as we make a managed transition to net zero by 2035.
We need to prepare for the future, which means investing in renewables and clean energy solutions without compromising on reliability or affordability.
What happens now?
NB Power’s general rate application will go through a rigorous review process by the EUB with hearings expected in January 2023. The rate application material is available on the EUB website by searching Matter #541.
The New Brunswick Energy and Utilities Board is an independent quasi-judicial tribunal established by the provincial legislature to regulate the electricity, natural gas, pipeline and motor carrier industries and set maximum gasoline prices for the province.
All NB Power customers are invited to participate in the process and voice their concerns.
The new rate will come into effect in spring 2023.
To learn more about the EUB, the general rate application process, as well as to have your say, visit www.nbeub.ca.
Why is NB Power asking to raise energy rates?
We recognize no one wants to see rising costs right now, or any time for that matter. The reality is that NB Power is experiencing the same rising costs that all New Brunswickers and people around the world are facing and we need to adjust the rates to ensure they cover the cost of providing New Brunswickers safe, reliable electricity.
How can I have a say in the process?
All NB Power customers are invited to participate in the EUB process and voice their concerns. To learn more about the EUB and the general rate application process, visit nbeub.ca.
How much are rates going to increase?
We’ve requested an 8.9 per cent rate increase, which would mean about a $16/month increase for the average residential customer bill.
When will the new rate come into effect?
This application will go through a rigorous review process by the EUB giving New Brunswickers a chance to voice their concerns to decision makers. We would expect hearings to be early in the new year and a decision in the spring. The new rate decided by the EUB will go into effect April 1, 2023.
How can I help lower my monthly bill?
We offer many programs to help New Brunswickers manage their energy usage and costs by making their homes and businesses more energy efficient. This includes our newly launched Enhanced Energy Savings Program which offers free heat pumps and insulation to New Brunswickers who heat with baseboard heat and have a household income of less than $70,000. You can find more information at savenergynb.ca, it's a one-stop-shop for information on all efficiency programs.