NB Power reports worst hydro flows in 10 years

NB Power said July 4 that its latest financial reporting period saw the worst hydro flows in 10 years. The flows were reported at only 95% of the long-term average.

This follows nine years in a row of exceeding the long term average and after generating 132% of the long-term average in NB Power’s 2011-2012 fiscal year.

NB Power has posted positive financial results for the third consecutive year as it confirmed net earnings of C$69m for the year ended March 31, 2013. This period of consecutive earnings occurred during a three-year rate freeze for New Brunswick Power customers in Canada.

Total revenues for the company during the year increased to C$1.697bn from $1.646bn in the previous four years.

One of the utility’s recent milestones was the resumption of operations at the Point Lepreau nuclear station in late April. The 635-MW nuclear plant can supply electricity for more than one-third of New Brunswick’s in-province energy requirements, on average.

Out of province sales hit a five-year high of C$254m, 10.3% above the average of the previous four years. This was due to higher market prices for electricity and higher volumes of sales due to securing new contracts to sell energy.

NB Power said its full financial statement will be released later in the summer as part of the 2012/2013 annual report.

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.