NB Power’s latest 20-year resource plan is showing cost increases of $2.6 to $4.2 billion dollars for rate payers by 2045-2046. The Integrated Resource Plan, which is released every three years, includes an outlook on the Crown corporation’s electricity system. It’s showing major infrastructure will either reach the end of its lifespan or need major repairs in coming decades. The Mactaquac Generating Station will need major repairs or will reach the end of its useful service life by 2032, while the Belledune Generating Station is expected to last until 2040-2041 fiscal year. The corporation is also expecting an increase in the energy load, mainly driven by a rising population and rising electricity use. That, coupled with how fast it reaches net-zero, will make an impact on how much more revenue the corporation seeks from ratepayers. “It’s useful information to support the direction that the corporation should take,” Brad Coady, NB Power’s chief commercial officer, said at a scrum on Monday. But he said he’s not able to estimate how rates will increase over the years based on the data from the plan, as that’s a separate process through the New Brunswick Energy and Utilities Board (EUB). This year, the EUB approved a rate increase of 4.29 per cent. NB Power’s rate application for the 2026-2027 shows it plans to ask for increases of 6.5 per cent for the upcoming two years, with an estimated net debt increase of $3.97 billion. “Most of our power plants require a significant amount of upfront capital, either by NB Power or by third parties, and then that capital needs to be paid off or returned somehow,” Coady said. “NB Power generally has one place to look to, from a revenue perspective, and that would be ratepayers.” For more New Brunswick news, visit our dedicated provincial page.
