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NB Power posts earnings drop for 1st 9 months of fiscal year

NB Power booked C$19 million in net earnings for the nine months ended Dec. 31, 2017, compared to C$44 million for the same period of 2016, according to results released March 2.

The company reported revenues of C$1.22 billion for the first nine months of the 2017-2018 fiscal year compared to C$1.17 billion for the same period in the prior fiscal year.

NB Power said its revenue from electric sales rose $23 million year over year to C$962 million during the nine-month period ended Dec. 31, 2017.

The company recorded expenses attributed to electricity operations of C$1.03 billion for the nine-month period, a year-over-year increase of C$64 million or 7% from the comparable period of 2016, due to a C$49 million surge in fuel and purchased power costs, a C$10 million jump in depreciation and amortization and a C$4 million increase in operations, maintenance and administration.

Operational activity

NB Power will, along with the provincial and federal governments, invest more than C$234 million over the next five years in efficiency programs for its customers, including C$80 million in investments from the utility.

The company also invested C$20 million to C$27 million on reliability improvements as part of more than C$100 million in annual investments on transmission and distribution improvements.