New Brunswick

NB Power rate increase readjusted slightly upward

It turns out the NB Power rate increase that went into effect July 1 was slightly higher than previously announced.

Energy and Utilities Board says it miscalculated and allows rates to go up 1.66%

It turns out the NB Power rate increase that went into effect July 1 was slightly higher than previously announced.

The Energy and Utilities Board had previously approved a rate increase of 1.63 per cent for all classes of NB Power customer.

However, the EUB issued a news release Tuesday stating it had revised the rate increase to 1.66 per cent, effective July 1.

NB Power had submitted a proposed rate schedule to the EUB stating that with an approved revenue requirement of $1.834 billion, a rate increase of 1.66 per cent was required.

The EUB stated it found an error in its earlier calculations and approved the rate increase of 1.66 per cent.

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