NB Power issues third quarter financial and operating results

2020-02-28

Fredericton, N.B. – NB Power recorded operating earnings of $211 million for the nine-month period ending December 31, 2019, the utility shows in the release of its third quarter report today. Operating earnings were $41 million, or 24 per cent higher than the same period last year.

NB Power reported net earnings of $53 million, an improvement of $62 million over the same period last year. Accounting for the increase was continued strong export sales of electricity both inside Canada and into the U.S. as well as the lack of severe storms and the cost they incur, as well as increased hydro flows.

After increasing in the first six months primarily due to scheduled generating station outages, debt decreased by $39 million in the third quarter.

The report can be viewed here.

Operational highlights during the quarter included:

• In January, NB Power and Hydro-Québec signed three agreements. Under these agreements, a large volume of electricity will be exported from Québec and imported into New Brunswick; a technical collaboration will be initiated between the parties to refurbish concrete at the Mactaquac generating station; and discussions will begin regarding the construction of additional interconnections between the two provinces.
• During the third quarter, NB Power announced registrations for its Third Annual Energizing Efficiency Conference. In the past, the conference has drawn more than 300 participants from 100 organizations and is regarded as one of the province’s key efficiency events of the year.
• The Point Lepreau Nuclear Generating Station continued its strong performance with 1,460,307 net megawatt-hours of electricity produced, representing approximately 49 per cent of the total generation of NB Power stations during this period.
• NB Power has created an Extreme Weather Report which shows the effect recent storms and climate change have had on the province, and what the utility has done to tackle these new challenges. The report can be viewed here.

MEDIA CONTACT: Marc Belliveau, Communications, NB Power, 506-458-4203 or mbelliveau@nbpower.com