Sat. Mar 2nd, 2024

NB Power is asking for significant increases for the next two years.

Cost of electricity: NB Power requests 13.7 increase ;% for next year

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Lori Clark, President and CEO of NB Power

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New Brunswickers risk paying much more for their electricity in the coming years. NB Power has applied to the Energy and Utilities Board for permission to increase rates.

For residential customers, the requested increase is 9.8% per year for the next two years.

For next year, an additional increase of 3% for the recovery of a variance account would come. x27;add to invoice. Finally, the end of a credit will increase the bill even more, with an additional increase of 0.9%.

The total increase in residential rates will therefore be 13.7% in 2024-2025, which represents an average increase of approximately $25 per month. month.

A previous version of this article raised the total requested increase in electricity costs to 12.8%. However, this calculation did not take into account the additional increase of 0.9%.

For the following year, in 2025-2026, the requested increase is 9.8% and since the surpluses are not yet known, it is impossible at the moment to know the total possible increase.

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For industrial customers, the requested increase is between 7.3% and 9.8%.

These rate increases have not yet been approved by the Energy and Utilities Commission . A decision will be made later.

The Crown corporation says the uniform rate increase is necessary because of significant costs linked, for example, to prolonged shutdowns at the Pointe Lepreau power station, the cost of fuel, the reduction in exports, as well as the amortization of investments in Pointe Lepreau, Belledune and Mactaquac.

The revenues generated by the increases over the next two years will be used, explains NB Power, to improve the reliability of power plants, reduce the debt ratio, cope with inflation and absorb the costs linked to the reduction of exports.

NB Power says it has requested, for the first time, an increase for two years, so that customers can prepare accordingly.< /p>

However, according to the forecasts presented, the increases for the years 2026 to 2029 would be 4.75% per year. Official requests for these years have not yet been made.

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