N.B. Power exec says rate increase needed for Point Lepreau upgrades

NB Power says it will seek a rate increase to fund multi-million-dollar upgrades at the Point Lepreau nuclear plant after recent issues have cost the utility millions. Senior VP Darren Murphy acknowledged that management shortcomings contributed to the plant's poor performance, implying higher customer rates and regulatory approval will be needed to cover remediation and upgrade costs.

Analysis

NB Power says it will seek a rate increase to fund multi-million-dollar upgrades at the Point Lepreau nuclear plant after recent issues have cost the utility millions. Senior VP Darren Murphy acknowledged that management shortcomings contributed to the plant's poor performance, implying higher customer rates and regulatory approval will be needed to cover remediation and upgrade costs.