Electricity rates in NB: there will be an increase, but it remains to be determined

The Energy and Utilities Board demands that NB Power review its budget, before determining the percentage of the increase in electricity rates.

New Brunswickers will ultimately experience an increase in their electricity rates. The New Brunswick Energy and Utilities Board approves the principle of a rate increase, but does not specify the percentage of this increase at this time. It sends NB Power back to the drawing board.

In a partial decision on its website, the Board indicates that it is not satisfied that the rates, as requested, are fair and reasonable.

Thus, the Board is asking NB Power to table a new budget for the reference year 2023-2024 with the adjustments proposed by the board as well as a new study on the cost of service.

For example, the Commission assesses the Bayside Generating Station Gas Turbine Project at $365.4 million, $3.3 million lower than the appraisal of NB Power.

With respect to the impact of interest rates and debt, the Board estimates the amount to be upwards of $30 million.

NB Power is ordered to put fuel and purchased power expenses, load forecasts and revenue forecasts.

Once NB Power documents are obtained, the Commission will set rate increases for all categories of customers. It will determine, at that time, when these increases will take effect.

NB Power wanted to increase the electricity rates of its residential and commercial customers by 8.9% as of the April 1 and had to get approval from the Energy and Utilities Board. Consultations were held for two weeks in this regard.

Furthermore, in this partial decision, the Board already approves a $1 per month increase in water heater rental fees and an $11.11 increase in water heater rental fees. 'service calls billed to customers for certain services.