NB Power issues second-quarter financial and operating results

Tribune-Post Staff
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FREDERICTON, N.B. – NB Power's year-to-date earnings rebounded to $5 million, and the utility continued aggressive debt repayment totalling $39 million. Net debt is projected to continue to fall throughout the remainder of fiscal 2013-14.

Full details are in NB Power's second-quarter financial report and operating highlights.

"Financial performance in the second quarter was better than expected as flows on our hydro system were well above historic averages and out-of-province revenue was higher due to higher export volumes," said Darren Murphy, vice-president, corporate services, and chief financial officer. "Given the current performance of the Point Lepreau Generating Station and the work we continue to do on operating efficiencies within the utility, we are confident our financial position will remain strong throughout the remainder of the fiscal year."

Out-of-province revenue was $32 million higher compared to the previous year mainly due to higher export volumes as a result of successfully acquiring additional export contracts partially offset by lower export prices.

The return to service of the Point Lepreau Generating Station helped decrease fuel and purchased power costs by $90 million compared to the previous year. However, other expenses related to its return to service increased as expected, related to amortization and decommissioning and finance charges.

In-province revenues for the period decreased $8 million compared to the same period in 2012-13 mainly due to decreased industrial sales.

Operational highlights for the quarter include:

– The Point Lepreau Generating Station operated at or near target between June and October, with a net capacity factor of between 90 and 94 per cent. Following a planned maintenance outage in October, the station is now operating at 100 per cent net capacity factor.

– NB Power crews worked throughout the quarter to prepare New Brunswick for the fall and winter storm season by trimming low-hanging branches around power lines, to ensure safe and reliable delivery of electricity.

– NB Power replaced more than 17,000 high-pressure sodium light bulbs in streetlights with brighter, more efficient light emitting diode fixtures this year, helping municipalities save money and energy. The first phase of the project finished in September, one month ahead of schedule.

The information provided in the quarterly report includes year-over-year financial variances for the year-to-date (April to September). The financial information contained in the report has not been audited, and it contains financial estimates that are subject to change.

The audited financial statements for the year ended March 31 and NB Power's 2012-13 annual report are on the NB Power website

FREDERICTON, N.B. – NB Power's year-to-date earnings rebounded to $5 million, and the utility continued aggressive debt repayment totalling $39 million. Net debt is projected to continue to fall throughout the remainder of fiscal 2013-14.

 

Full details are in NB Power's second-quarter financial report and operating highlights.

 

"Financial performance in the second quarter was better than expected as flows on our hydro system were well above historic averages and out-of-province revenue was higher due to higher export volumes," said Darren Murphy, vice-president, corporate services, and chief financial officer. "Given the current performance of the Point Lepreau Generating Station and the work we continue to do on operating efficiencies within the utility, we are confident our financial position will remain strong throughout the remainder of the fiscal year."

 

Out-of-province revenue was $32 million higher compared to the previous year mainly due to higher export volumes as a result of successfully acquiring additional export contracts partially offset by lower export prices.

 

The return to service of the Point Lepreau Generating Station helped decrease fuel and purchased power costs by $90 million compared to the previous year. However, other expenses related to its return to service increased as expected, related to amortization and decommissioning and finance charges.

 

In-province revenues for the period decreased $8 million compared to the same period in 2012-13 mainly due to decreased industrial sales.

 

Operational highlights for the quarter include:

 

– The Point Lepreau Generating Station operated at or near target between June and October, with a net capacity factor of between 90 and 94 per cent. Following a planned maintenance outage in October, the station is now operating at 100 per cent net capacity factor.

 

– NB Power crews worked throughout the quarter to prepare New Brunswick for the fall and winter storm season by trimming low-hanging branches around power lines, to ensure safe and reliable delivery of electricity.

 

– NB Power replaced more than 17,000 high-pressure sodium light bulbs in streetlights with brighter, more efficient light emitting diode fixtures this year, helping municipalities save money and energy. The first phase of the project finished in September, one month ahead of schedule.

 

The information provided in the quarterly report includes year-over-year financial variances for the year-to-date (April to September). The financial information contained in the report has not been audited, and it contains financial estimates that are subject to change.

 

The audited financial statements for the year ended March 31 and NB Power's 2012-13 annual report are on the NB Power website.

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Organizations: NB Power, Point Lepreau Generating Station

Geographic location: FREDERICTON, New Brunswick

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