NB Power requesting rate hike

NB Power

NB Power is asking for a rate hike of two per cent for all of its customers next April 1.

The utility filed its application with the Energy and Utilities Board last week.

The increase is based on required revenue of $1.8 billion and includes net earnings of $40.9 million.

It also takes into account the province’s proposed carbon pricing plan. NB Power said it would cost around $65 million over 10 years.

If the plan is not accepted, NB Power may be subject to the federal [plan] and higher carbon costs,” said the utility. It estimated the carbon costs under the federal plan would total $380 million over 10 years.

The EUB just approved a 2.48 per cent  hike for all customers a couple of months ago.

A five-day hearing on the proposed rate increase is set for next February.

(with files from the Daily Gleaner)