FREDERICTON — New Brunswick Premier Susan Holt announced on Monday a comprehensive review of the province’s debt-laden electric utility.
Holt said the independent review of Crown-owned NB Power will be conducted by a three-person panel who will gather and analyze data, seek public feedback and develop recommendations. All options will be considered for the utility and its operations because with soaring power bills for customers, “the status quo is no longer an option," the premier said.
“The challenges that NB Power faces are complex and it will take many solutions to address them,” Holt told reporters. “We can’t keep kicking the can down the road as many previous governments have done, transformative change is required.”
Energy Minister René Legacy said the review will focus on four areas: fiscal sustainability; governance and utility structure; customer expectations; and investor attractiveness and strategic partnerships.
“Competitive electricity rates are key to supporting our export-dependent industries and in attracting future economic development and growth,” Legacy said.
The people leading the review will be announced later this month and are expected to present their recommendations by the end of March 2026. The public engagement part of the review is expected to begin in June.
Legacy stressed that the review is separate from an ongoing audit at NB Power that is related to spikes in power bills. Over the last two years bills have increased more than 20 per cent as the utility grapples with a $5-billion debt.
The governing Liberals introduced in January a 10 per cent rebate on power bills for residential electricity customers to provide some relief, but Holt said Monday that the measure is temporary, adding that “structural affordability” is the government’s long-term goal.
As for what to do about the utility’s debt, Holt said it’s something she expects the review will address. “The debt is absolutely one of the things that is impeding the utility from doing what it needs to do in terms of maintenance and affordable rates for New Brunswickers,” the premier said.
Legacy added that for "asset-rich" NB Power, "there’s always going to be some form of debt, the concern is what level of debt is appropriate."
Holt refused to speculate on whether a sale of the utility would be part of the review, saying that would be left to the independent panel.
“I don’t think there will be a silver bullet,” she added. “We think the solutions are going to be complex and multi-faceted. There are probably many different things that we are going to need to do.”
This report by The Canadian Press was first published April 14, 2025.
— By Keith Doucette in Halifax
The Canadian Press
