General Rate Application
Our team works hard every day to provide New Brunswickers with safe, reliable power while helping customers manage their energy costs. Our utility is under tremendous cost pressure right now, as are businesses everywhere. The last number of months have seen unprecedented volatility in prices which, as a cost-of-service utility, we need to factor into our cost of delivering electricity to customers.
On October 5, 2022, NB Power submitted a general rate application to the New Brunswick Energy and Utilities Board (EUB) requesting an increase to base power rates that will impact all customers. The rate application material is available on the EUB website by searching Matter #541.
New rates effective April 1, 2023
Starting April 1, NB Power’s rates are changing.
No one wants to see rising rates, not now or ever. As a cost-of-service utility, our rates are based on actual costs of delivering electricity to New Brunswickers, and we are facing rising costs in the same way you as New Brunswickers are – both at home and at work. Like you, we are dealing with volatile fuel costs, inflation and rising interest rates. We are also addressing aging infrastructure, higher demand for electricity and changing customer expectations.
We’re also taking steps forward to adopt renewables and modernize our grid, and we’re investing in energy efficiency. We’re continuing to work with New Brunswickers to be a leader in reducing our environmental footprint as we make a managed transition to net zero by 2035.
How much is my rate going to go up?
- The New Brunswick Energy and Utilities Board has issued two decisions on separate NB Power filings as part of the provincial regulatory process.
- In regards to the General Rate Application, which is about projecting what the cost of producing electricity will be in the year to come, customers will see their bills increased by 5.7 per cent.
- In regards to a Variance Account Recovery ruling, which is about ensuring the actual costs of delivering electricity are covered in rates, customers will see a 0.9 per cent reduction.
- Overall, this means that starting April 1, 2023, electricity rates will increase by a net total of 4.8 per cent in New Brunswick for the next 12 months.
How will this rate increase impact me as a customer?
- The rate increase will mean an increase of about $8.64/month on the average residential customer bill.
- The new rate will go into effect April 1, 2023 and remain in place for the next 12 months.
Even with this increase, we will still have one of the lowest rates per kWh in the country, except for locations that have hydro-rich resources. And it’s important to note this is a break-even budget, which means the rate increase is just covering the costs of delivering electricity to New Brunswickers.
We offer many programs to help New Brunswickers manage their energy usage and costs by making their homes and businesses more energy efficient. This includes our Enhanced Energy Savings Program which offers free heat pumps and insulation to New Brunswickers who heat with baseboard heat or oil and have a household income of less than $70,000. You can find more information at www.saveenergynb.ca, it's a one-stop-shop for information on all efficiency programs.