NB Power rate increase readjusted slightly upward
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.