NB Power earnings helped by summer rain
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.