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Atlantic Canada, News

NB Power posts $27M in earnings despite $30M in storm impact

Posted on June 28, 2017

In 2017, NB Power recorded earnings of $27 million in the 2016-17 fiscal year despite significant challenges posed by the $30-million impact of January’s ice storm, which did unprecedented damage to the utility’s infrastructure.

Several key operational initiatives advanced during 2017 included the Mactaquac Generating Station decision, which will be a capital project proposed in the utility’s 2018 year. To extend the station beyond 2030 to meet its 100-year lifespan of termination in 2068 will require upwards of a $3.6 billion investment.

Other 2017 initiatives included modernization of the utility’s system through Smart Grid, and achieving the best operating performance at the Point Lepreau Nuclear Generating Station since its refurbishment. Despite the ice storm’s damage and in addition to posting earnings, the utility decreased its net debt by $13 million. Nonetheless, depreciation and amortization increased $ 6 million in association with various capital projects.

“An important achievement for the year was the selection of a preferred option for the future of the Mactaquac Generating Station following an extensive, three-year comprehensive review process,” said Ed Barrett, chair of NB Power’s board of directors. “In December, we were pleased to recommend a project to achieve Mactaquac’s intended 100-year lifespan and address ongoing challenges with concrete expansion at the station.”

Throughout 2016-17, Thomas said, NB Power continued to increase its focus on safety, customers and the ability to contribute to the financial viability of the province through reliable and environmentally sustainable operations. In partnership with Siemens Canada, NB Power worked to modernize its infrastructure and processes in order to meet present and emerging energy needs.

“We are pleased to have recorded earnings of $27 million for the fiscal year,” said NB Power president and CEO Gaëtan Thomas. “Our financial results were supported by our ongoing efforts to pursue internal savings through continuous improvement work. These efforts resulted in more than $27 million in annualized savings.”

NB Power manages over $4 billion worth of material assets. More details of its year-end financial statements and operating results are included in the annual report.

 

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