New Brunswick utility is proposing rate hikes over next three years
New Brunswick's public utility is proposing to raise electricity rates by an average of 5.5 per cent for each of the next three years.
New Brunswick's public utility company, NB Power, is proposing an average electricity rate increase of 5.5 percent over the next three years, equating to an additional $13.25 per month for households consuming 1,350 kilowatt hours. This is the first time the utility has submitted a multi-year rate proposal, aiming to provide residents and businesses with planning time.
The proposed hikes are meant to cover maintenance and modernization costs for the aging system. The new rates could be implemented as early as April following a review by New Brunswick’s power regulator. Last year, NB Power suggested a 4.75 percent increase, which was reduced to 4.29 percent for the current fiscal year before final approval.
Critics argue that the proposed rates could outpace those in other provinces. An independent review last year highlighted NB Power's struggles with outdated infrastructure and a $6 billion debt, stating that the new plan would slow the debt increase but not reduce it.
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