Fredericton, N.B. – NB Power today filed a rate application with the Energy and Utilities Board which, if approved, will provide quality customer service, modernize the power grid and service its debt obligations.
The average rate increase across all rate classes in the application is for 2.5 per cent. NB Power has requested a 2.9 per cent increase for residential customers amounting to an extra $5 a month for the average household in New Brunswick.
“NB Power recognizes the responsibility it has to New Brunswickers to balance the health and sustainability of the utility with the impact of higher rates on its customers,” said Lori Clark, Senior Vice President, Operations. “We are faced with some significant challenges impacting the utility this year, including increasing commodity and fuel prices, increasing interest rates and fluctuating foreign exchange assumptions. At the same time, NB Power must continue on its path to manage and reduce costs while providing sustainable energy for future generations.”
If the Energy and Utilities Board approves the application, New Brunswick would still have the lowest electricity rates in the Maritime provinces.
The Energy and Utilities Board will set the schedule for a rate hearing in the coming weeks.