New Brunswick’s power utility has ended the 2015-16 fiscal year with a small surplus.
Audited financial statements released Friday show NB Power’s net earnings for the fiscal year were $12 million, compared to $100 million in 2014-15.
The utility says its net earnings were impacted by higher expenses for unplanned outages and improvement initiatives at Point Lepreau, and the warm weather in January and February, which resulted in lower revenues.
The Crown corporation also says it invested $240 million in new and improved infrastructure, tree trimming and outage prevention, as well as smart technology.
The utility says customers experienced a “significant improvement in reliability” in 2015-16, as there was a 25 per cent decrease in the duration of outages and a 15 per cent drop in the number of outages compared to the previous year.
NB Power says the amount of renewable energy on the grid hit record highs of 42 per cent in 2015-16 thanks to a warmer winter requiring less use of fossil fuel plants, and additional out-of-province hydro purchases to offset a maintenance outage at Point Lepreau.
- Gas prices surge in some parts of Canada. What’s causing pain at the pumps?
- Roll Up To Win? Tim Hortons says $55K boat win email was ‘human error’
- Ontario premier calls cost of gas ‘absolutely disgusting,’ raises price-gouging concerns
- Netflix beats subscriber targets, but revenue falls short of forecast
Comments