NB Power releases financial results for third quarter 2020/21

2021-02-26

FREDERICTON, N.B. – NB Power reported today its financial results for the third quarter of fiscal year 2020/21, showing that it had recorded operating earnings of $158 million for the nine-month period ended December 31, 2020 and net earnings of $64 million. NB Power’s debt increased by $19 million for the same nine-month period. NB Power indicated that disruptions caused by the COVID-19 pandemic continue to cause economic uncertainty and may impact the utility’s financial position throughout the fiscal year. 

The Third Quarter report can be found here.

“Like people and businesses across New Brunswick and the world, we continue to experience the consequences of COVID-19 in the third quarter of 2020/21,” said Keith Cronkhite, NB Power President and CEO. “While the milder weather has brought customers relief from higher heating costs, it has also resulted in decreased electricity sales. We will continue to support our customers during these unprecedented times and remind those having difficulty paying their bills that it is important to reach out to us.”

During the quarter, NB Power continued to develop programs and explore partnerships right here at home to build tomorrow’s power grid in a way that helps the utility lower its costs and provides green-energy options for customers. NB Power launched a Business Rebate Program, offering rebates for businesses to help them offset the costs of becoming more energy efficient. It also announced a new project that will see up to 100 highly energy efficient and “zero energy-ready” homes built in Moncton’s North Branch neighbourhood. NB Power also continues to work collaboratively with ARC Canada and Moltex to develop the small modular reactor technology and supply chain network in New Brunswick that is essential to achieving net zero by 2050.

As New Brunswick continues to navigate through these challenging times, NB Power recognizes its critical role as an essential provider and remains committed to serving and supporting customers through this difficult time.

MEDIA CONTACT:  Marc Belliveau, Communications, (506) 238-3273 or mbelliveau@nbpower.com