NB Power releases 2025/26 Annual Report

2026-07-31

A year shaped by growing demand, customer pressures and preparation for future energy needs

Fredericton, N.B. – NB Power today released its 2025/26 Annual Report, outlining the progress made over the past year while highlighting the challenges and decisions that will shape New Brunswick’s electricity system in the years ahead.

The report reflects a year of growing electricity demand, increasing pressure on customers, and continued efforts to maintain a reliable electricity system while preparing for future energy needs. NB Power’s focus remained on balancing three core priorities: customer value, reliability and sustainability.

“New Brunswickers rely on electricity every day, and our responsibility is to ensure the system remains reliable, affordable and ready for the future,” said Lori Clark, President and CEO of NB Power. “We know customers expect us to carefully manage costs while continuing to provide reliable service. The year ahead will require continued discipline, thoughtful investment decisions and a focus on delivering value for customers as we prepare for New Brunswick’s future energy needs.”

• Key areas of progress during the year included:
• Completion of smart meter deployment to approximately 369,000 customers, providing greater visibility into energy use and supporting a more modern electricity system.
• Continued investments in transmission, distribution and generation infrastructure to maintain reliability and strengthen the grid.
• Expansion of customer programs and tools to help customers better understand and manage their energy use and costs.
• Advancement of planning and projects needed to address future electricity supply requirements and support a changing energy landscape.
• Delivery of approximately $65.9 million in cost optimization savings to help reduce pressure on customer bills.

The report also highlights factors that affected the utility during the year, including lower-than-average hydro generation, higher operating costs, extreme weather events and growing demand for electricity. These pressures reinforce the importance of long-term planning and continued investment in the province’s energy system.

NB Power reported net earnings of $13 million against a target of $14 million for the fiscal year ending March 31, 2026. The utility also continued to invest in critical infrastructure, modernization and future supply planning to support reliable service and prepare for growing energy needs.

The report notes that maintaining a reliable electricity system while managing long-term debt remains one of the utility’s key challenges. As expected, net debt increased to $6.05 billion during the year, driven largely by capital investments in infrastructure and modernization. The company is in a period of significant capital investment which will see debt levels increase over the next few years. NB Power continues to focus on improving financial sustainability through cost optimization, careful investment prioritization and long-term planning.

It is important to note the mandate letter’s direction was not to reduce debt, but rather to strengthen NB Power’s capital structure by improving its debt-to-equity ratio. The debt-to-equity ratio improved from 92.4 per cent in 2024/2025 to 92.3 per cent in 2025/2026. While NB Power’s net debt increased, the improvement in the debt-to-equity ratio reflects an improved capital structure. This aligns with the direction outlined in the Province’s mandate letter to NB Power.

“The decisions ahead are important, and they will require thoughtful planning, transparency and ongoing engagement,” said Clark. “Our focus remains on serving customers today while preparing responsibly for tomorrow.”

The complete 2025/26 Annual Report is available on NB Power’s website.

Media Contact:
Elizabeth Fraser
EFraser@nbpower.com