NB Power plans to lower its current rate request, after reaching a settlement with insurers of its Point Lepreau Nuclear Generating Station refurbishment project.

The insurers underwrote a construction all risk insurance policy during a refurbishment project at the nuclear plant, according to a March 26 news release. The specific details of the insurance settlement are subject to a confidentiality agreement.

The company plans to ask the New Brunswick Energy and Utilities Board to temporarily adjourn the current rate proceeding to assess the implications of the settlement. NB Power had originally requested a 2% overall rate increase.