NB Power In The Red In The First Quarter

Posted on Monday, August 31, 2015 12:54 PM

NB Power losing 15 million dollars in the first quarter because of an unplanned outage at the Point Lepreau Nuclear Generating Station along with lower hydro flows during the critical spring run-off period.

Despite the first quarter loss, the utility still managed to pay down $16 million in debt.

Overall revenue was up by $12 million primarily because of the two per cent rate increase and a rise in out of province sales but investment earnings were off by 16 million dollars.

NB Power is expecting to wind up with what it calls positive earnings despite finishing up the first quarter in the red.