NB Power's recalculated rate increase gets EUB approval

The New Brunswick Energy and Utilities Board has approved a 2.48 per cent rate hike for all NB Power customers.

The new rate, which came into effect Thursday, had to be recalculated this week after the EUB shot down the utility's proposal to impose a range of price increases on different customer groups.

NB Power proposed a 2.9 per cent rate increase for residential customers this year and a 1.7 per cent increase for commercial customers.

But the regulatory body ruled every customer group will be charged the same increase.

The utility announced it received confirmation from the EUB on Thursday that a 2.48 per cent jump across the board was approved.

"We respect the EUB process and appreciate the involvement of the many interveners who participated in the review of our detailed rate application to justify this rate increase," said Lori Clark, NB Power's vice-president of operations.

"We have a commitment to provide safe, reliable and affordable electricity to New Brunswickers, which we will continue to do."