NB Power has officially released its 2025/26 Annual Report, shedding light on a year characterized by rising electricity demand, extreme weather challenges, and significant investments in New Brunswick’s energy future. For residents and businesses in Saint John, the report offers a detailed look at how the utility is balancing reliability, sustainability, and customer value.

Key Highlights and Grid Modernization

Over the past fiscal year, NB Power made substantial strides in modernizing the provincial grid. A major milestone was the completion of the smart meter deployment, reaching approximately 369,000 customers. This upgrade provides Saint John residents with greater visibility into their energy usage and supports a more resilient electricity system.

Other notable achievements include:

• Cost Savings: The utility delivered approximately $65.9 million in cost optimization savings, helping to ease the pressure on customer bills.
• Infrastructure Investments: Continued funding was directed toward transmission, distribution, and generation infrastructure to maintain grid reliability.
• Customer Programs: Expansion of tools and programs designed to help customers manage their energy consumption and costs effectively.

Financial Overview and Operational Challenges

Financially, NB Power reported net earnings of $13 million for the fiscal year ending March 31, 2026, narrowly missing its $14 million target. The utility faced several operational hurdles, including lower-than-average hydro generation, increased operating costs, and the impacts of extreme weather events.

As anticipated during this period of heavy capital investment, the company’s net debt increased to $6.05 billion. However, NB Power successfully improved its debt-to-equity ratio from 92.4% in 2024/25 to 92.3% in 2025/26. This improvement aligns with the provincial mandate to strengthen the utility’s capital structure rather than solely focusing on debt reduction.

Looking Ahead

Lori Clark, President and CEO of NB Power, emphasized the importance of responsible preparation for the province’s growing energy needs. “New Brunswickers rely on electricity every day, and our responsibility is to ensure the system remains reliable, affordable and ready for the future,” Clark stated. “The year ahead will require continued discipline, thoughtful investment decisions and a focus on delivering value for customers.”

For more details, you can read the full release on the NB Power official website.

Frequently Asked Questions

What were NB Power’s net earnings for 2025/26?

NB Power reported net earnings of $13 million for the fiscal year ending March 31, 2026, against a target of $14 million.

How many smart meters were deployed?

The utility completed the deployment of smart meters to approximately 369,000 customers across the province.

Why did NB Power’s net debt increase?

The net debt increased to $6.05 billion primarily due to significant capital investments in infrastructure, grid modernization, and future supply planning. However, the overall debt-to-equity ratio improved, aligning with provincial mandates to strengthen the capital structure.