NB Power outlines three-year rate plan for the future

2026-10-07

FREDERICTON, N.B. - Today, NB Power filed a three-year General Rate Application with the New Brunswick Energy and Utilities Board (NBEUB). The application is intended to allow the utility to focus on aging assets and reliability for customers and provide New Brunswickers with greater visibility into future investments, priorities and electricity rates.

“NB Power is proposing a three-year rate plan to give customers a clearer picture of future electricity rates, investments and priorities while supporting reliable service,” said Lori Clark, President and CEO. “The pressures facing the electricity system do not disappear from one year to the next. Across Canada and around the world, utilities are facing rising costs and increasing investment needs, and electricity rates are rising in many jurisdictions as a result. This approach supports the investments needed to maintain reliable service while spreading rate impacts more evenly over time.”

The application asks for an average rate increase of 5.5 per cent for all customer classes to be implemented on April 1, for the next three years, subject to approval by the NBEUB. For the average residential customer using 1,350 kWh of electricity monthly, they would see a rate change of $13.25 per month in the first 12 months.

“We know every rate increase matters, which is why we go above and beyond to limit them for our customers,” said Clark. “With this application, we are laying the foundation for the critical work ahead. We are investing in the reliability of the electricity system New Brunswickers depend on every day, and we need a strong, clear and financially secure path forward to ensure we can continue meeting the needs of our customers, businesses and communities.”

Before seeking additional revenue through rates, NB Power has taken steps to manage costs and reduce customer impact. These efforts include $274.5 million in savings, additional revenues, avoided costs, other value activities and sustained benefits over the next three years. As well, it outlines the specific investments required to maintain generating stations, poles, wires, substations, technology and other parts of the power system to support reliable service delivery.

More than half of the factors driving the proposed rate change are related to reliability and modernization, including maintaining and replacing aging infrastructure customers rely on every day:

• 84% - Reliability and modernization
• 15% - Higher operating costs
• 1% - Other factors

The application also outlines new customer benefits made possible by the provincewide deployment of smart meters, specifically requesting a proposed reduction of connection and reconnection fees from approximately $76 to just over $9, offering new value and savings.

Before any changes take effect, the application will be subject to an independent regulatory review by the NBEUB in a public-facing process that is open to the participation of all New Brunswickers. Any approved changes will be communicated to all customers before they take effect.

For more information, visit Understanding NB Power's three-year rate plan

NB Power continues to offer a full suite of energy efficiency and educational programs, as well as payment assistance resources. Find out more here:  nbpower.com/support

Media contact:
Elizabeth Fraser-McAllister
[email protected]