LATEST NEWS 
March 24, 2006
Industrial clients face N.B. hydro hike
SAINT JOHN, N.B.
New Brunswick’s public intervenor says power rates in the province should increase by 7.5 per cent, not the 11.4 per cent sought by NB Power.
Peter Hyslop’s comments came as the province’s Public Utilities Board ended summations on day 55 of hearings into the utility’s rate request for 2006-07.
The utility’s rate proposal means large industrial clients would see their power prices rise by 12.1 per cent.
The overall hike is expected to reap $123.4 million, which will be used primarily to offset the rising cost of fossil fuel.
Hyslop is asking the board to reduce the revenue requirement by $51.5 million.
He said a third of $75 million uncovered in an NB Power accounting change should be applied to offset the rate increase.
The money resulted from greater than expected hydro generation.
Hyslop also wants the board to impose a $7 million penalty for the utility’s failure to secure cheap fuel for the Coleson Cove generating station.
The utility went ahead with an $850 million refit of the facility without getting a signed deal for Orimulsion fuel from Venezuela, and is now embroiled in a $2.2 billion lawsuit with that country’s state-run oil company.
“My point here is that I didn’t think that NB Power, once this Orimulsion thing became a problem, perhaps dealt with the board in an appropriate manner,” he said.
Hyslop recommended the board review some parts of the Electricity Act, and keep a firm hand on the utility’s purchase power agreements.
Canadian Press
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