NB Power was granted a rate hike by the New Brunswick Energy and Utilities Board (NBEUB) on Friday.
However, it will likely be several more days before customers know exactly how much the increase will be.
In issuing its oral ruling, the board ordered NB Power to recalculate its nearly $2.8-billion revenue requirement for 2025-26.
Board members determined the so-called “forced loss rate” for the Point Lepreau Nuclear Generating Station should be set at seven per cent instead of eight per cent.
The forced loss rate is how long the utility expects the generating station to be offline throughout the course of the fiscal year.
“The board concludes that the proposed revenue requirement relies on an unreasonable forced loss rate assumption for fiscal year 2026,” said the ruling.
It is unclear exactly how much the revenue requirement will need to be adjusted and what impact that will have on the final rates.
However, the utility said residents should not expect to see significant adjustments compared to what it had applied for.
“While we are still analyzing and determining exact impacts, today’s decision will result in minor adjustments to rates and service charges for customers,” NB Power said in a statement on social media.
As directed, the next step is to review the decision in detail to assess its impact on rates for all customer classes and to update the Rate Schedules “and Policies Manual for approval by the NBEUB.
“We expect to make this submission to the NBEUB within one week. Once approved, we will publish the changes on our website, share the information on social media, and directly notify customers who have subscribed to our email updates.”
NB Power had applied to the provincial regulator for an average 9.25 per cent increase in April 2024 and again in April 2025, including 9.8 per cent for residential customers.
The board approved an interim rate hike for this past April pending a final decision. If the final rates come in higher or lower, customers’ bills will be adjusted to reflect the difference.
