NB Power says it expects another positive year of earnings despite drop in profits
NB Power says it expects another year of positive earnings despite a drop in profits in the first nine months of its 2017-18 fiscal year.
The electrical utility says it earned $19 million in the period ending December 31st, down from $44 million in the same period in 2016.
It says the decline is largely the result of a decrease in its gross margin, the difference between revenue and purchased power costs, as well as weaker financial investment performance due to less favourable market conditions.
But NB Power says it will still be able to make significant investments in customer initiatives, such as energy efficiency programs and work to storm-proof the power grid to make it more reliable.