Power Rates May Be Going Up In New Brunswick

NB Power is applying for a 2 per cent rate hike that would take effect April 1

The Crown corporation says it applied to the Energy and Utilities Board Monday for the same rate of increase for all customers including residential, farm, commercial, institutional, industrial and wholesale.

NB Power is looking to reach a debt-to-equity ratio of 80-20 by paying down nearly a billion dollars' worth of debt by 2021

If approved, the rate increase would cost an extra $4 per month for the average New Brunswick family.

NB Power also applied for a 2 percent rate increase earlier this year, but the EUB only agreed to a 1.6 percent hike. That took effect October 1st.