NB Power ordered to reduce budget needs and recalculate proposed rate hike

SAINT JOHN, N.B. – New Brunswick’s provincial regulator has ordered NB Power to recalculate its proposed rate hike.

The company had proposed a two per cent rate hike across all classes to help cover a budgeted revenue requirement of $1.7 billion.

In an interim decision released Monday, the New Brunswick Energy and Utilities Board ordered the power company to reduce that figure by a total of $4 million.

The board says NB Power should recalculate the rate increase required for all classes and refile the information as soon as possible.

The board says it will approve the revised rates following a review of those documents.

The rate hike is expected to take effect Oct. 1.