NB Power has officially released its 2025/26 Annual Report, shedding light on a year characterized by surging electricity demand, infrastructure upgrades, and strategic financial maneuvering. For residents and business owners in Saint John, the report offers a glimpse into the future of our local energy grid and what it means for everyday reliability and costs.

Modernizing the Grid: Smart Meters Deployed

One of the most significant milestones for New Brunswickers this past year was the completion of the smart meter deployment. Approximately 369,000 customers are now equipped with these modern devices. This upgrade provides Saint John residents with greater visibility into their daily energy use, empowering households and businesses to better manage their electricity costs while supporting a more resilient and modern provincial grid.

Financial Health and Cost Savings

Balancing affordability with necessary upgrades is a tightrope walk for the utility provider. According to the report, NB Power delivered approximately $65.9 million in cost optimization savings, a crucial step in reducing the upward pressure on customer bills.

Financially, the utility reported net earnings of $13 million for the fiscal year ending March 31, 2026, just shy of its $14 million target. However, net debt has increased to $6.05 billion. This rise was expected and is largely driven by heavy capital investments in infrastructure and grid modernization. Despite the increase in total debt, NB Power successfully improved its debt-to-equity ratio from 92.4 percent to 92.3 percent, aligning with provincial mandates to strengthen its capital structure.

Navigating Environmental and Operational Challenges

The past year wasn’t without its hurdles. NB Power faced lower-than-average hydro generation, rising operating costs, and the impacts of extreme weather events—issues that resonate deeply with Saint John residents who rely on a stable grid during harsh coastal storms. These pressures underscore the utility’s ongoing investments in transmission, distribution, and generation infrastructure.

“New Brunswickers rely on electricity every day, and our responsibility is to ensure the system remains reliable, affordable and ready for the future,” stated Lori Clark, President and CEO of NB Power. Clark emphasized that the coming years will require disciplined, thoughtful investment decisions to meet the province’s growing energy needs.

For more detailed insights, you can read the full 2025/26 Annual Report on NB Power’s website.

Frequently Asked Questions

How many smart meters were installed across the province?

NB Power successfully completed the deployment of smart meters to approximately 369,000 customers, providing better insights into energy consumption for homes and businesses.

Did NB Power meet its financial targets for 2025/26?

The utility reported net earnings of $13 million, which was very close to its target of $14 million for the fiscal year.

Why did NB Power’s debt increase?

The net debt rose to $6.05 billion primarily due to significant capital investments required for infrastructure upgrades and grid modernization. However, the company’s overall debt-to-equity ratio saw a slight improvement.

What challenges did the utility face this year?

Key challenges included lower-than-average hydro generation, increased operating costs, extreme weather events, and a growing overall demand for electricity.