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Thursday, February 27, 2014

Ice Storm Cost NB Power Big Bucks

NB Power has reduced its net debt by $55 million and expects a fourth consecutive year of earnings in 2013-14 despite incurring millions of dollars in storm expenses during the last quarter and some of the most volatile natural gas market prices in years. 

Restoring power to more than 88,000 customers following a series of destructive winter storms cost NB Power about $12 million. The 12 million  was made up of nearly $9 million for contracted crews from within and outside New Brunswick as well as $3 million in extra costs for utility crews and materials plus meals, travel, vehicles, and lodging.

NB Power says it's preparing for an expanded tree trimming program which is expected to get underway in April and May.