Ice storm costs foil NB Power's plan to post $100K earnings
January's devastating ice storm has put a hitch in NB Power's plan to post earnings of between $90 million to $100 million this year.
The utility's chief financial officer, Darren Murphy, says numbers are still coming in but extra costs are being pegged in the area of tens of millions of dollars.
While third-quarter earnings were only $44 million to begin with, the storm saw NB Power pay out more than $4 million in overtime as well as the cost to replace transformers and over 600 broken utility poles.
NB Power said earlier this week that the extra costs associated with the storm would not be passed on to its customers.
(with files from the Telegraph-Journal)