NB Power issues quarterly financial and operating results31 August 2012
FREDERICTON (GNB) – NB Power has posted earnings in the first quarter of 2012-13 building on two successive years of profitability including record results in 2011-12.
NB Power's recorded net earnings for the first quarter of 2012-13 are $33 million, which represents a $9 million decrease over the same period last year. The decrease in earnings is a result of a number of factors that affected both revenues and expenses. These include a warmer-than-usual spring and hydro flows that were below the long-term-average. Full details of NB Power's quarterly financial, operating highlights and key performance indicators are available in the report.
"NB Power's $33 million net earnings during the quarter are a reflection of the continued efforts by employees to reduce our operating costs and improve productivity," said Gaëtan Thomas, president and chief executive officer. "During the quarter, we also took important steps for our future with key milestones being realized on the Point Lepreau Generating Station Refurbishment project and the signing of significant agreements with both Edmundston Energy and Siemens Canada that will help protect our rate payers in the long run."
The quarterly report also includes key performance indicators, which measure the utility's progress in its efforts to achieve top-quartile performance among the best North American utilities. NB Power's board and management established measures to help the utility achieve this target. These targets or key performance indicators were selected to reflect the company’s core areas of focus: financial, safety and reliability.
“Through the government's policy, we have a 10-year plan in place to meet the goal of increasing equity by 20 per cent,” said Ed Barrett, chair of NB Power's board of directors. “While our forecast shows that a repeat of last year's record results is unlikely, our plan is to achieve a level of profitability that will allow the utility to meet all the long-term financial targets set by the shareholder.”
The information provided in the report includes year-over-year financial variances for the first quarter (April to June). The financial information contained in the report has not been audited, and it contains financial estimates that are subject to change. The audited financial statements for the year ended March 31, 2012 and NB Power's 2011-12 Annual Report are available on the NB Power website.