N.B. Power

Recently released financial statements from the past year show N.B. Power reported its highest profit in 10 years under Keith Cronkhite, who was sacked from ...

Sales to out-of-province customers totalled $558 million, a 51.6 per cent improvement over the previous year. There were also substantial gains made on company investments and other financial instruments N.B. Power holds to both balance the price of commodities it buys and to save for various generating station retirements. It's the first time N.B. Power has met or exceeded a profit target in seven years. Cronkhite was fired suddenly on July 4, a little more than two years after being appointed N.B. Power's president. That more than doubled the level of equity in N.B. Power's capital structure from 6 per cent to 13 per cent in one year, a major move toward government requirements N.B. Power reach a more solvent equity level of 20 per cent by 2027. Part of the rise in revenue was fuelled by a 1.9 per cent rate increase N.B. Power began charging on March 31, 2021, but most was the result of rising demand for power both at home and outside the province as economies emerged from COVID-19 slowdowns.