NB Power Seeks Approval for New Rate Increase
NB Power, the utility provider in New Brunswick, is pursuing an increase in electricity rates as part of its ongoing efforts to maintain service quality and invest in infrastructure. The request is currently before the Energy and Utilities Board (EUB), following an application submitted in October for general rate adjustments.
Details of the Proposed Rate Increase
The utility seeks permission for a temporary rate increase of 4.75% beginning April 1, 2026. Should this request be denied, NB Power has outlined an alternative appeal to recover any revenue losses incurred due to delays in adjusting rates.
- Proposed increase: 4.75%
- Effective date: April 1, 2026
- Average residential impact: approximately $10.90 per month
Reasons Behind the Rate Hike
NB Power cites several factors that necessitate the increase, including:
- Delays in the general rate application (GRA) process.
- Infrastructure deficits requiring upgrades in reliability and performance.
- Inflation and rising market prices.
- Customer support for improved energy solutions.
The delay in the GRA hearing stems from scheduling conflicts related to the Renewables Integration Grid Security project. Hearings for this project are set for February 9-13, with a final decision anticipated in March.
Impact on Customers and Investments
If approved, the 4.75% increase will be applied uniformly across all customer categories and is vital for funding critical infrastructure upgrades. These enhancements are aimed at ensuring a reliable power supply while transitioning to modern energy solutions.
NB Power emphasizes that any delay in implementing these new rates could adversely affect its revenues and ability to invest in essential services. In the case that the interim rate request is not granted, NB Power will seek to recover lost revenue through a separate charge once the GRA is finalized.
In conclusion, the proposed rate increase is a strategic move by NB Power to address current challenges in service reliability and infrastructure investment, ensuring a resilient energy future for New Brunswick residents and businesses alike.
