NB Power Seeks 2.5% Rate Hike

Posted on Wednesday, January 9, 2019 18:44 PM

The cost of electricity could be going up in 2019 if NB Power is granted a rate increase.

The power utility has filed an application with the Energy and Utilities Board for an average hike of 2.5 per cent for all categories.

Residential customers would see a jump of 2.9 per cent which would mean an extra $5 per month for the average New Brunswick household.

If approved, the Crown corporation says it wants to modernize the grid, service the company's debt and improve customer service.

"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," said Lori Clark, senior vice-president of operations.

A board hearing on the proposed hikes is expected soon.