Get ready to pay more to heat and power your home.
NB Power rate hikes are expected to go into effect on Saturday if they’re approved by the Energy and Utilities Board.
In February, NB Power applied for a rate increase of 8.9 per cent, but only received partial approval from the NBEUB.
NB Power spokesperson Dominique Couture says, “After reviewing the partial decision issued from the Board, NB Power has filed a revised budget, with a general rate increase of 5.7 percent. We also received the EUB’s decision on the Variance Account filing, which results in a 0.9 percent rate reduction in 2023/24.”
Couture says the net impact for customers will be a 4.8 per cent increase or $8.64 per month on the average residential customer bill.
“Pending final say of the EUB, the adjusted rates will take effect April 1, 2023,” Couture adds.
