NB Power is asking the Energy and Utilities Board for more rate increases over the next three years.
The General Rate Application asks for an average rate increase of 5.5 per cent for all customer classes, with the increase being implemented on April 1 in 2027, 2028 and 2029.
The increases are subject to approval by the EUB.
“NB Power is proposing a three-year rate plan to give customers a clearer picture of future electricity rates, investments and priorities while supporting reliable service,” NB Power president and CEO Lori Clark said in a statement.
According to NB Power, the average residential customer using 1,350 kilowatt-hours of electricity monthly would see an increase of $13.25 per month in the first year.
“We know every rate increase matters, which is why we go above and beyond to limit them for our customers,” Clark said.
She added this application will lay the foundation for “the critical work ahead.”
“We are investing in the reliability of the electricity system New Brunswickers depend on every day,” Clark said.
According to a release from the utility, the application is intended to let NB Power focus on aging assets and reliability for customers and give ratepayers a better look into future investments, priorities and electricity rates.
“The pressures facing the electricity system do not disappear from one year to the next,” Clark said.
“Across Canada and around the world, utilities are facing rising costs and increasing investment needs, and electricity rates are rising in many jurisdictions as a result.”
Since 2023, NB Power rates have increased by 28.49 per cent for residential customers.
