NB Power rate increase set at 1.6%

NB Power rates will be going up 1.6 per cent starting Thursday.

The Energy and Utilities Board set the rate increase in a decision released Monday.

NB Power had been seeking an increase that would generate an extra $20.4 million in revenue this year and calculated a twoper cent increase onJuly 1would hit that target.

However, in an interim decision by the EUB on Sept. 10, the utility was ordered to reduce that increase by $4 million.

In addition, the utility says starting the increase onOct.1, three months later than planned, will cost it another $4 million.

After reviewing additional documentation provided by NB Power, the EUB determined a rate increase of 1.6 per cent was justified and reasonable.