NB Power did not reach its financial targets in the 2016-2017 fiscal year with recorded earnings of $27 million. One major reason was extreme weather. The January ice storm cost an estimated $30 million.
Revenue was down by 5 per cent with out of province electricity sales off by almost $120 million.
NB Power reports its net debt was lowered by $13 million. That compares to just $2 million the year before.
The utility wants to eventually establish a comprehensive network to enable drivers to charge their electric vehicles and has partnered up with a Canadian manufacturer to make that happen.
