NB Power Releases 2022/23 Results

2023-07-31

Fredericton, N.B. – NB Power released its 2022/23 Annual Report today, highlighting the utility’s efforts over the last fiscal year to engage more meaningfully with customers and build a sustainable energy future for all New Brunswickers, while navigating a complex shifting energy landscape.

“NB Power is focusing on the future and remains committed to transforming our operations to respond to the changing expectations of our customers and to achieve the federal government’s net-zero target for the electricity sector by 2035,” said Lori Clark, President and CEO of NB Power.

The report showcases the many successes of NB Power over the last fiscal year, including the Enhanced Energy Savings Program, the successful Energy Efficiency Conference, new safety training opportunities for staff, expedited storm response and powering the homes, businesses and hospitals across New Brunswick through an unprecedented energy peak demand event in February.

The Annual Report also shares the utility’s 2022/23 year-end financial results, which show a net loss of $43 million and a $468 million increase in net debt.

NB Power operates in a complex business environment and experienced many challenges in 2022/23 that were outside of the utility’s control, including higher fuel prices due to the global energy crisis and inflation. The utility also faced higher operating costs, as well as a reduction in the expected unrealized gains on investments and higher finance costs. Extended and unplanned outages at Point Lepreau Nuclear and Bayside generating stations also contributed.

“We’re committed to making the necessary changes to improve NB Power’s financial situation and are expecting stronger results in the new 2023/24 fiscal year,” Clark said. “Our strategic plan for 2023-2035 includes a number of innovative initiatives intended to address the unprecedented challenges the utility is facing by transforming our overall operations and seeking new partnerships to positively impact the bottom line.”

Clark said amendments to the Electricity Act and the new Regulatory Variance Accounts will mitigate the variability in net earnings and improve NB Power’s ability to make progress against debt.

The Annual Report covers the fiscal year ending March 31, 2023, before the new rate increase took effect on April 1, 2023. The utility’s new strategic plan: Energizing Our Future was released in May 2023 and charts a transformative path forward for the utility. Initial impacts of all of these factors will be reported in the next 2023/24 Annual Report, released in summer 2024.

For more information and to read the 2022/23 Annual Report in full, click here.

MEDIA CONTACT: Dominique Couture at 506-377-8057 or dcouture@nbpower.com.