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NB Power lowers rate increase request

NB Power is seeking to reduce the rate increase request filed in October 2017 with the New Brunswick Energy and Utilities Board and "immediately share the benefits" of the cash settlement with its customers.

The utility said it is lowering the rate increase request to an average 1.5%, from the originally requested 2% rate increase, after reaching a settlement with insurers of its Point Lepreau Nuclear Generating Station refurbishment project.

Subject to the board's approval, the reduced rate request would mean customers would see a monthly increase of C$2.68, compared with the original projected increase of C$4 a month, beginning later in spring of 2018.