NB Power posts year-end financial results, annual report for 2018/19

2019-07-24

Fredericton N.B. – NB Power today released its year-end financial statements for 2018/19 showing net earnings of $20 million for the fiscal year.

During the year, the utility dealt with a number of challenges including near record low hydro flows, a significant wind storm, increased fuel prices and three unexpected interest rate hikes.                                                                                                                                                        

Operational highlights for the year included

• hardening our grid to better withstand more severe storms
• signing agreements with First Nations and communities for renewable energy projects
• outstanding generator performance including best ever performance by the Point Lepreau Nuclear Generating Station
• increasing interest in efficiency programs for residential, commercial and new home construction programs – double the utility’s expectations when launched
• progressing work on Smart Grid technologies which will allow greater use of resources and prevent the need for expensive generation builds in the future

NB Power continued to reduce its carbon footprint and at year-end had 40 per cent of its energy from renewable sources and 74 per cent non-emitting with Point Lepreau. NB Power is contributing to the provincial goal of having as much as 75 per cent of the electricity used in New Brunswick coming from clean, renewable or non-emitting sources by 2020.

A link to the financial results and annual report can be found here.

MEDIA CONTACT: Marc Belliveau, Communications, (506) 458-4203.