The New Brunswick government is undertaking a comprehensive independent review of NB Power.
Premier Susan Holt and Energy Minister René Legacy made the announcement on Monday morning.
“We can’t keep kicking the can down the road as many previous governments have done. Transformative change is required,” Holt said.
She explained that the government wants to ensure the financial sustainability of the utility and its customers.
The review comes as more New Brunswickers grow frustrated with rising power bills, especially in recent months.
The government has not ruled out freezing rates or potentially selling the utility, but said it wanted the chance to hear from New Brunswickers.
Holt said the review will be led by three independent experts who will gather and analyze data, engage with New Brunswickers, and prepare recommendations.
Their identities will be announced later this month, and their work will begin immediately thereafter.
Holt emphasized that the process will be external and transparent, ensuring the voices of residents and stakeholders are heard.
The review will focus on four key areas: financial sustainability, governance structure, customer expectations, and opportunities for partnerships.
Public consultations are expected to begin in June and will provide New Brunswickers with opportunities to share their perspectives, including open forums and online engagement.
A dedicated website will be launched to provide updates and act as a hub for submissions.
Additional details about these engagement opportunities will be made available next month.
An area of the review will address NB Power’s $5 billion debt, which has been a long-standing challenge for the utility.
Legacy acknowledged the importance of reviewing the debt in detail.
“We tend to focus on NB Power’s $5 billion debt, but we also need to discuss what level of debt is appropriate for such an asset-rich utility,” Legacy said.
He explained that while debt is a common factor for utilities, this review provides an opportunity to determine what is appropriate and sustainable for NB Power’s future.
Legacy reassured that NB Power’s day-to-day operations would continue as usual, despite the focus on long-term challenges.
“It’s important to highlight that this is a medium- to long-term study, but NB Power’s work to improve every day for New Brunswickers will not stop,” he said.
Legacy clarified that this review is distinct from the current audit of NB Power related to spikes in power bills.
While the review targets long-term sustainability, the government has implemented immediate affordability measures, including a 10 per cent rebate on electricity consumption introduced in January.
An interim report is expected by the end of 2025, with final recommendations due by the end of March 2026.
