NB Power earnings helped by summer rain

Heavy rainfalls in New Brunswick over the summer may have put a damper on fun, but it did help the province’s power corporation get its financial head above water.

Power corporation reports higher than average hydro electricty production in July and August

Heavy rainfalls in New Brunswick over the summer may have put a damper on fun, but it did help the province’s power corporation get its financial head above water.

Water poured through NB Power’s hydro dams following the wet weather, producing almost 60 per cent more hydroelectricity than normal in July and August.

The turnaround in the second quarter has helped NB Power get back to break-even, although the utility is still short of the profit targets it set for the year.

"We actually didn't expect to make earnings in the second quarter. We had tremendous hydro flows and great export sales," said Brent Staeban, a spokesman with NB Power.

NB Power lost $15 million this spring in a disappointing first quarter. The chief cause was problems with the newly refurbished Point Lepreau Generating Station. The nuclear plant performed better over the summer.

The company is now heading into the profitable winter season.

Comments

To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Pseudonyms will no longer be permitted.

By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.