NB Power says new request filed with EUB would mean lower rate increase

NB Power says a new request filed with the Energy and Utilities Board would mean a lower rate increase for the average New Brunswick household.

Officials say the utility has filed new evidence with the board to justify a reduction in its rate increase request, to an average 1.5 per cent from an average 2.0 per cent.
The move follows a recent cash settlement with several insurers who underwrote the refurbishment project at the Point Lepreau Nuclear Generating Station.
If approved, the request would mean a lower rate increase later this spring, with the average customer seeing an increase of $2.68 per month instead of four dollars per month.

NB Power president and CEO Gaetan Thomas says the settlement will allow the utility to reduce its debt and interest costs.