The promise of higher rates for NB Power customers are now in effect.
Residential power rates for NB Power customers went up 13.2 per cent on April 1.
According to the utility, the average residential customer will now pay roughly $25 more on their monthly bill.
NB Power business customers will see a total increase of 11.5 per cent for small industrial, 15.3 per cent for large industrial, and 11.3 per cent for general service customers.
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When NB Power revealed its initial 12.8 per cent rate increase for residential customers in December, president and CEO Lori Clark said the utility’s looming coal free and net-zero deadlines (of 2030 and 2035, respectively) meant there was a need for a large hike immediately.
NB Power’s ‘variance account recovery’ application cited unplanned outages at the Point Lepreau Nuclear Generating Station as a contributing reason for why the utility was seeking an increase.
The Energy and Utilities Board approved NB Power’s applications in March. NB Power confirmed the 13.2 per cent “interim” rate for residential customers just before the long Easter weekend.
The Energy and Utilities Board will make a final decision on NB Power’s general rate application in late spring or early summer. In the event of a lower rate being approved, NB Power said customers will be reimbursed.
NB Power customer Cathy Shannon said the monthly increase on electricity will cut into her budget for other essentials.
“That’s some groceries that you can’t afford to get nowadays, or some gasoline in your car,” said Shannon, in Grand Bay-Westfield, on Monday. “It’s a lot.”
