New power rates for New Brunswickers
March 28 2024, 14:50 PM
Changes are coming regarding your power rates starting April 1st. We have important news to share about the changes approved by the New Brunswick Energy and Utilities Board (EUB), the independent regulator.
The total average increase for residential customers is approximately 13.2% for a 12-month period starting on April 1, 2024. Our business customers will see a total increase of 11.5% for small industrial, 15.3% for large industrial, and 11.3% for general service customers. For all customers, the total increase is a combination of an increase to the General Rate and a change to the Variance Account Recovery charge. This will result in a net average increase of $25.47 per month for the average residential customer.
These charges could change when the EUB makes a final decision on our General Rate Application this summer. If the final approved rates are lower than the interim rate, we'll adjust bills as required by the EUB.
For more information on the General Rate Application and Variance Account Recovery filing, please visit: www.nbpower.com/en/about-us/regulatory/april-1-2024-rate-impacts
We know that any change in rates might raise questions about where your money goes. We're here to explain. The revenue from these increases, if the final rate is approved by the EUB, will mainly be invested in improving your reliability. We are upgrading our aging infrastructure and focusing on long-term energy security here in New Brunswick.
While New Brunswickers have paid amongst the lowest energy rates in the country, the cost of delivering power has risen significantly. For us to operate in a sustainable way and continue providing you with safe, reliable and clean energy, we need our rates to reflect our cost of doing business.
At NB Power, we're also committed to keeping costs in check. Last year, we reduced operational costs by approximately $50 million, with over $27 million in planned savings this year. We're constantly exploring new partnerships and financing options to make sure we're running efficiently without compromising on the quality of service for New Brunswickers. We also hear your concerns about how your money is being spent and want to assure you that NB Power executives do not receive bonuses of any kind.
We have a wide array of energy efficiency programs that can help you save energy and reduce your bills. For more information on those, visit www.saveenergynb.ca. We're here to help you every step of the way.
