NB Power says it paid down close to three per cent of its nearly $5-billion net debt in 2017-18.
The utility’s annual report shows its net debt was reduced by $133 million to $4.77 billion.
The company attributes it to increased cash flow from operating activities and the receipt of insurance claim proceeds.
NB Power ended the fiscal year with earnings of $23 million, which was down slightly from the previous fiscal year.
NB Power posts year-end financials, annual report https://t.co/KBl7o9U4TZ
— NB Power (@NB_Power) August 3, 2018
Revenue was up by $58 million, in part due to a 1.77 per cent rate hike in April of 2017.
But expenses were also up by $40 million due to higher fuel and purchased power costs, higher depreciation and amortization costs.
You can see the full report by clicking here.
