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    New Brunswick Crown utility NB Power reports profit of $121 million

    By The Canadian Press | The Canadian Press – Thu, 23 Feb, 2012

    FREDERICTON - New Brunswick's Crown-owned power utility has recorded a profit for the third consecutive quarter.

    NB Power issued a statement today saying net earnings for the nine-month period ending Dec. 31 were $121 million, compared to $53 million for the same period the year before.

    The utility says the $68 million increase in earnings was the result of a number of factors, including an $84-million reduction in expenses for fuel, purchased power and transmission.

    Revenue was $17 million higher than the same period in the 2010-11 fiscal year because of increased residential load, a rate increase implemented in June 2010 and colder weather.

    The utility's quarterly report said NB Power has started installing 760 lower feeder pipes into the Point Lepreau nuclear generating station — the last major refurbishment activity prior to loading fuel inside the reactor.

    As of Dec. 31, 2011, the utility's debt stood at $4.5 billion.

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    3 comments

    • g
      g  •  Saint John, New Brunswick  •  2 months ago
      NO! ABSOLUTELY NOT REDUCE ANY POWER RATES .....AND DON'T REDUCE THE PROPERTY ASSESSMENT RATES TO ANYONE WHO IS GOING TO RETIRE AS THESE STUPID NEW BRUNSWICKERS WHO DON'T WORK FOR GOVERNMENT WILL GO ALONG WITH ANYTHING WE PASS OUT ANYWAY.. THEY ALWAYS HAVE FOR THE MOST PART..WE CAN EVEN REGIONALIZE THOSE WHO LIVE IN THE RURAL AREAS AND MAKE THEM PAY MUNICIPAL TAXES TO HELP PAY FOR CIVIC CENTRES ETC ETC
      BESIDES WE NEED TO KEEP ALL THIS MONEY FOR OUR OWN BUREAUCRATIC PENSIONS WHICH WE WILL BE GETTING SOON AND DON'T FORGET OUR MLA'S PENSIONS FOR ONLY 8 YRS OF SERVICE.
      THE DEFERRED PROPERTY TAX SCHEME WE COME UP WITH IS REALLY GREAT WE DEFER THE STUPID TAX-PAYER'S TAXES ON HIS HOUSE THEN CHARGE THE STUPID GUY INTEREST AND TAXES THEN TAKE HIS PROPERTY LATER OR AT THE VERY LEAST MOST OF THE MONEY FROM THE PROPERTY SALE WHEN THE POOR FAMILY DIE OFF.
      YUP WE GOT IT FIGURED ABOUT RIGHT.NICE TO BE 1/2 SMART WHEN YOU ARE GOVERNING MOSTLY UNEDUCATED NBERS.MY OWN THOUGHTS ONLY OF COURSE
    • Canada First
      Canada First  •  2 months ago
      And yet Shawn Graham wanted to get rid of it.
    • Frylock
      Frylock  •  2 months ago
      is there any way that the JERKS who were thinking of selling NB Power, could be made to stand in front of Town Hall, and explain their moronic rationale, to whole NB ??
      • g
        g 2 months ago
        What's the point We don't really care do?
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