FREDERICTON, N.B. – NB Power has posted earnings of $56 million for the first nine months of the 2012-13 fiscal year. Full details of NB Power's quarterly financial, operating highlights and key performance indicators are available in its third-quarter report.
"Earnings for our first nine months continue to be positive, and we expect to have another positive year overall come March 31," said Darren Murphy, vice-president, corporate services, and chief financial officer, NB Power. "We are having success in controlling the costs that are within our ability to control, and we continue to be impacted by low hydro flows and higher-than-expected natural gas prices in the markets."
This is the tenth quarter in a row that the company has posted earnings.
In-province revenues for the period were up $8 million compared to the same period in 2011-12, mainly due to colder weather and increased industrial sales. Out-of-province revenue was $9 million higher than the same period in 2011-12 mainly due to higher export prices and higher sales volumes.
Higher revenues were offset by an increase in expenses, including $84 million in increased fuel and purchased power costs. This was mainly due to significantly lower hydro flows and an increase in in-province load. Fuel and purchased power costs were also impacted by the planned extended outage at the Belledune Generating Station and the purchase of additional renewable energy in 2012-13.
The major operational highlight for the quarter was the return of the Point Lepreau Generating Station to commercial operations on Nov. 23, 2012, marking the end of the refurbishment project. During the recent cold snap, Point Lepreau was a key asset, performing as expected as a foundational element of the grid. NB Power was able to meet peak demand during that period by accessing all its available generation assets including Point Lepreau and by purchasing electricity on the open market.
The information provided in the quarterly report includes year-over-year financial variances for the year-to-date (April to December). 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, 2012, and NB Power's 2011-12 annual report are on the NB Power website.
LINK: NB Power
