The New Brunswick Energy and Utilities Board granted NB Power a total revenue requirement of C$1.69 billion for the 2018-2019 fiscal year, translating to an average rate hike of about 0.88%.

The approved rate is C$8.7 million lower than the revised proposal NB Power submitted earlier in 2018 and will take effect on Aug. 1, according to a July 27 order.

Revenue from the rate increase will help the company with grid modernization and reliability investments, including plans to improve the operational performance of the Point Lepreau nuclear generating station.