NB Power boasts about record results

NB Power credited lower generating costs, higher hydro flows and cuts to operating expenses for its record financial results, according to the utility's 2011-12 financial statements.

The Crown corporation released its financial statements on Monday, which reported a $106-million earnings increase from the previous fiscal year, from $67 million to $173 million.

NB Power also made $413 million in debt repayments but increased its total debt by $83 million, investing $363 million on the Point Lepreau Generating Station Refurbishment Project and $133 million for other capital projects.

"These results are a reflection of clear and consistent direction we’ve been given from government to … operate in a manner that provides competitive and stable rates for customers [and] efficient operations and long-term debt management," said Ed Barrett, the chairman of NB Power’s board of directors.

The company stated that it reduced operating and maintenance costs by $26 million in the past fiscal year.

It also gained $83 million benefit due to market conditions and reduced fuel prices and another $25 million from higher-than-average hydro flows.

"As shareholder, our government is proud of the employees, management and board of NB Power for delivering these best-ever financial results," said Craig Leonard, the province's acting energy minister.

"We're confident that through continuous improvements, the utility will meet the targets laid out in the Energy Blueprint in terms of debt reduction and capital structure."

This is the second consecutive profitable year for NB Power.