NB Power issues third quarter financial and operating results

2019-03-01

Fredericton, N.B. – NB Power recorded operating earnings of $170 million and an overall net loss of $9 million for the nine-month period ending December 31, 2018 while facing significant cost pressures including near record low hydro flows and severe weather-related events. Full details of NB Power’s third quarter financial and operating highlights are available in its third quarter report, which was issued today.

“During the third quarter, NB Power was challenged by extreme factors including a severe November wind and rain storm, and an overall rise in electricity and fuel prices,” said Darren Murphy, NB Power’s Chief Financial Officer and Senior Vice President Corporate Services. “Since we first identified cost pressures early in the fiscal year, NB Power has been focused on reducing costs and finding efficiencies in order to respond to these unprecedented challenges.”     

Operational highlights during the quarter included:

• In November, NB Power was given the green light by the New Brunswick Department of Environment and Local Government to install a new submarine cable between Deer Island, Campobello and Grand Manan. This will allow NB Power to continue providing the Fundy Isles with safe and reliable power.
• During the third quarter, the Point Lepreau Nuclear Generating Station produced nearly 1.5 million net megawatt-hours of non-emitting electricity. This represents 47 per cent of the total generation from NB Power during this period.

The information provided in this quarterly report includes year-over-year financial variances for the year-to-date (April to December).

MEDIA CONTACT: Sheila Lagacé, Communications, NB Power, 506-458-4375 or SLagace@nbpower.com