Around the world and at home, energy utilities are facing a multitude of challenges that are resulting in a tremendous degree of change in the electricity sector overall. 

We need a reliable, sustainable electricity system to address the challenges we face today and prepare for those ahead, including increased electricity use by industrial users and residential customers, population growth, and the need to replace aging assets with cleaner, greener energy solutions. 

At the same time, we are mindful of rising costs for New Brunswickers. We know electricity is an essential service that provides quality of life, and we are committed to managing our own costs to help keep rates as low as possible. 

As a cost-of-service utility, NB Power's rates reflect the actual cost of delivering electricity to New Brunswickers. Like households and businesses, we are experiencing rising costs, and we are doing all we can to minimize rate increases for our customers. 

On December 15, 2023, NB Power submitted a two-year General Rate Application (GRA) to the New Brunswick Energy and Utilities Board (NBEUB) to provide New Brunswickers with predictability in rates for the 2024/25 and 2025/26 budget years. 

The rate application material is available on the NBEUB website by searching Matter #552.

2024/25 and 2025/26 Rate Decision

On November 8, 2024, the NBEUB issued its decision on NB Power’s two-year GRA. 

For residential customers, the decision means: 

• A minor adjustment to the 2024/25 energy rate to reflect the approved rate of 13.46¢/kWh, slightly lower than the interim rate of 13.47¢/kWh that went into effect April 1, 2024. Customers may receive a credit adjustment for the difference. 

• Starting April 1, 2025, an energy rate of 14.76¢/kWh will apply, representing an increase of 9.7% for residential customers. 

The NBEUB did not approve NB Power’s proposal for identical service charges across residential customer classes. Residential customers will see a one-time adjustment, retroactive to April 1, 2024. 

Details of the new rates per class is available on the Rate Schedules and Policies page.

Variance Account Recovery (VAR) Filing 

On December 12, 2024, NB Power submitted its annual update on the Variance Account Recovery (VAR) mechanism, which adjusts for variances between budgeted and actual costs largely outside NB Power's control. For the fiscal year starting April 1, 2025, the VAR charge, if approved by the NBEUB, will be 0.04¢/kWh more than the current charge. For the average residential customer, this means an increase of about 54 cents per month.

Managing Your Energy Costs 

We understand rate changes can be challenging. That’s why NB Power offers programs to help New Brunswickers manage their energy usage and costs: 

• The Enhanced Energy Savings Program provides free heat pumps and insulation to eligible households. 
• Equalized Payment Plans help customers budget with predictable monthly payments. 
• Payment assistance resources are available for those in need. 

Visit www.saveenergynb.ca for more information on energy efficiency programs. 

NB Power remains committed to serving customers with safe, reliable electricity while managing costs responsibly to meet New Brunswick's energy needs now and into the future.