NB Power releases financial results for second quarter 2020/21

2020-11-27

FREDERICTON, N.B. – NB Power reported today its financial results for the second quarter of fiscal year 2020/21, showing that it had recorded operating earnings of $85 million for the six-month period ended September 30, 2020 and net earnings of $28 million. NB Power’s debt decreased by $21 million for the same six-month period. NB Power indicated that the disruptions caused by the COVID-19 pandemic continue to cause economic uncertainty and may impact the utility’s earnings throughout the fiscal year.

The First Quarter report can be found here.

“We continue to see the impacts of COVID-19 in our financial results and our operations, just as our customers continue to see the impacts in their lives, too,” said Keith Cronkhite, NB Power President and CEO. “As we head into the winter heating season, we continue to focus on supporting our customers by ensuring they have reliable and safe energy. We are here for our customers in these difficult times and encourage them to reach out to us if they are struggling to pay their bills.”

During the quarter, NB Power welcomed the New Brunswick Energy and Utilities Board’s (EUB) decision when they agreed with NB Power’s recommendation to delay implementing the rate increase until the last possible date – March 31, 2021 to provide additional relief to customers. NB Power was also pleased by the EUB’s positive decision for an Advance Metering Infrastructure (AMI) capital project. This project will see the installation of smart meters, which are essential to building a smarter, cleaner, more reliable and efficient power grid that will bring important benefits to all New Brunswickers.

As New Brunswick continues to navigate through these challenging times, NB Power recognizes its critical role as an essential provider and remains committed to serving and supporting customers through this difficult time.

MEDIA CONTACT: Marc Belliveau, Communications,(506) 238-3273 or mbelliveau@nbpower.com.