Get ready to pay more for the price of electricity starting on Aug. 1 — an average of 0.88 per cent more, to be exact.
The Energy and Utilities Board has approved a 0.96 per cent rate hike for NB Power’s residential, industrial and wholesale customers.
Those who fall under the utility’s “General Service 1” category will see their rates go up by 0.4 per cent.
NB Power says the difference will promote greater fairness among the rate classes based on the cost to serve each customer class
NB Power rates remain lowest in Maritimes with 0.88% rate increase https://t.co/ih9xLxzvTy
— NB Power (@NB_Power) July 27, 2018
The utility originally applied for an average two per cent hike but reduced it to 1.5 per cent after getting a settlement related to the Point Lepreau refurbishment.
Then last week, NB Power was told to lower it even further after the EUB reduced the utility’s revenue requirements by $8.7 million.
