The provincial government is making a number of improvements that will better protect electricity ratepayers. Energy Minister Jack Keir, in making the announcement July 27, said the changes will strengthen the regulatory framework of the New Brunswick Energy and Utilities Board (EUB).
“The New Brunswick government wants to ensure the EUB is equipped with the necessary tools to safeguard the interests of New Brunswick electricity ratepayers,” said Keir. “Combined with the recent decision to reintegrate the utility into a single company, these changes will mean that NB Power will be a more transparent and accountable utility.”
Keir announced five key changes:
• all electricity rate increases, regardless of size, will need to be approved by the EUB;
• an appropriate form of regulatory oversight will be introduced for municipal utilities;
• cabinet will no longer be able to reverse or modify an EUB decision dealing with rates;
• utilities will be required to file annual capital spending plans to the EUB and obtain pre-approval from the board for projects that exceed certain spending limits; and
• the EUB will follow new policy objectives. They include reconciling the public interest; ensuring consumer protection and fair treatment of utilities; promoting sustainable development; promoting fiscal responsibility; promoting energy efficiency; and promoting the use of electricity from renewable sources.
To view the full news release click here.
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