New Brunswickers will have to wait a bit longer to see what the cost of electricity will be next year.
NB Power had until Wednesday, Oct. 4, to submit its 2024-25 rate application to the New Brunswick Energy and Utilities Board (EUB).
However, the utility said it needs more time after the province gave it additional time to reach its debt reduction target.
“NB Power’s management has been instructed by the Chairman of the Board of Directors to prepare and present updated plans and related forecasts for the consideration of the Board of Directors,” Kevin Murphy, chief financial officer for NB Power, wrote in a letter to the EUB on Sept. 28.
“Based on this, I wanted to advise the Board as quickly as possible that NB Power will not be in a position to file the GRA [general rate application] by October 4, 2023.”
The Higgs government had directed NB Power to achieve a target of 80 per cent debt and 20 per cent equity by March 31, 2027.
However, the utility received an updated directive from the provincial government last Wednesday, giving them until March 31, 2029, to reach that target.
It is anticipated that extending the debt-equity target will spread any rate impacts for customers over a longer period of time.
Meanwhile, Murphy said they do not yet have a reasonable estimate as to when its updated application will be available for the board.
The EUB has given NB Power until the end of October to file its application, or until Oct. 25 to ask for an extension.
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