FREDERICTON (GNB) – NB Power has filed new evidence with the Energy and Utilities Board to justify a reduction in its rate increase request to an average 1.5 per cent from an average 2.0 per cent. This follows a recent settlement with several insurers who underwrote the refurbishment project at the Point Lepreau Nuclear Generating Station.

If approved by the Energy and Utilities Board, the request would represent a lower rate increase for the average New Brunswick household, from the original $4.00 per month to $2.68 per month, effective later this spring.

“We are very pleased to immediately share the benefits of this cash settlement with our customers through a reduced rate increase,” said NB Power president and CEO Gaëtan Thomas. “We are also greatly encouraged that our determined pursuit of a fair settlement with insurers on behalf of our customers has successfully concluded.”

This settlement will allow NB Power to reduce its debt and its interest costs, said Thomas.