NB Power files for 2.5% hike in power rates

NB Power is looking to increase power rates for New Brunswickers.

The power utility has filed a request with the New Brunswick Energy and Utilities Board looking to introduce an average rate hike of 2.5 per cent.

NB Power says it has requested a 2.9-per-cent increase for residential customers, an increase that will amount to an extra $5 a month for the average household in New Brunswick.

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“NB Power recognizes the responsibility it has to New Brunswickers to balance the health and sustainability of the utility with the impact of higher rates on its customers,” said Lori Clark, senior vice-president of operations for NB Power.

“We are faced with some significant challenges impacting the utility this year, including increasing commodity and fuel prices, increasing interest rates and fluctuating foreign exchange assumptions.”

WATCH: EUB hearing hears accusation of unfairness over NB Power energy programs

2:02 EUB hearing hears accusation of unfairness over NB Power energy programs

If the rate increase is approved by the energy and utilities board, New Brunswick would still have the lowest electricity rates in the Maritimes.

A rate hearing will be scheduled in the coming weeks.