NB Power has applied to the New Brunswick Energy and Utilities Board for a 4.75 per cent rate increase.
The utility says the money is needed to upgrade aging infrastructure and meet growing demand.
If approved, the change would take effect April 1, 2026, and add about $10.90 a month to the average household bill.
President and CEO Lori Clark said the utility is entering a period of significant capital spending, with about $1 billion in new projects planned over the next year.
“We need to deal with the infrastructure deficit that we have and the new assets that we need to bring on our system to deal with the increasing load in the province,” she told reporters. “But rate increases are always the last resort.”
Clark said NB Power has cut about $120 million in costs over the past three years and will continue to look for efficiencies.
She also confirmed a planned 119‑day outage at the Point Lepreau nuclear station in 2026–27, with the cost included in the $253 million in upgrades outlined in the application.
The company’s debt‑to‑equity ratio now stands at about 93.7 per cent. Clark said the figure shows only part of the picture, pointing to nearly $9 billion in assets.
She explained that if NB Power were still required to meet the long‑standing 80/20 debt‑equity target by 2029, rates would have had to rise by about 15 per cent.
The shareholder’s mandate letter now requires only “meaningful progress” toward that goal, with no fixed deadline.
Clark added that the provincial government’s ongoing review of the utility is a chance to make NB Power “fit for the future.”
She noted the 4.75 per cent request is consistent with the three‑year plan filed in 2023, and that larger increases will be considered once the review’s recommendations are known.
Future filings are expected to seek increases of 6.5 per cent in each of the following two years. Clark said NB Power will try to minimize those hikes and pointed to programs aimed at helping vulnerable customers.
“We know some customers will struggle with any increase,” she said.
“We’ll continue to look for ways to support them, whether through education programs, our customer portal, or recommendations from the vulnerable populations committee.”
The Energy and Utilities Board is expected to hold hearings on the application early next year, with a decision due before the new rates are scheduled to take effect
We are committed to providing New Brunswickers with safe, reliable and secure electricity. That requires investing in our grid. 1/4
— NB Power (@NB_Power) October 1, 2025
