NB Power releases financial results for first quarter 2020/21

2020-08-20

FREDERICTON, N.B. – NB Power reported today its financial results for the first quarter of the fiscal year 2020/21, showing that it had recorded operating earnings of $53 million and net earnings of $42 million. NB Power’s debt decreased by $18 million for the three-month period. NB Power indicated that as the COVID-19 pandemic continues, the utility is faced with economic uncertainty which may impact quarterly earnings throughout the fiscal year.

The First Quarter report can be found here.

“Like companies around the world NB Power was impacted by the COVID-19 pandemic and as a result, we took early action to mitigate financial and operational impacts,” said Keith Cronkhite, President and CEO of NB Power. “We have been focused on providing safe and reliable services to our customers while at the same time, doing everything we can to help those who are having difficulty paying their bills during this difficult period.”

Some of NB Power’s measures to support customers included residential and small business customers were able to defer electricity bill payments for up to 90 days and the utility also suspended disconnections for non-payment during the height of the pandemic. NB Power also asked the Energy and Utilities Board to delay a decision on a rate application for 2020/21 and has since requested that implementation of that rate increase be delayed until the last possible date – March 31, 2021.

As New Brunswick continues to navigate through these challenging times, NB Power is asking customers to reach out if they are struggling to pay bills so that a flexible payment option can be set up during this difficult time.

Media contact: Sheila Lagacé, Communications, NB Power, slagace@nbpower.com