In the last fiscal year, NB Power posted a $4 million loss. It is for the second consecutive year that the Crown utility has failed to turn a profit.
A mid-winter breakdown of the plant and the whole COVID-19 crisis has taken a toll on NB Power’s finances. Darren Murphy, the utility’s senior vice-president and chief financial officer, said that something has to be done if the plant is to recover. He added:
“We need to ensure we’re looking at any and all options.”
NB Power president Keith Cronkhite is not pleased with the financial results that the plant scored in the last two years. Cronkhite said:
“We are very disappointed with these negative financial results.”
Mike Holland, the New Brunswick natural resources and energy development minister, is also not happy with the current situation at the plant. He added:
“NB Power’s year-end results are disappointing. There is an ongoing issue that needs to be addressed.”
The plant to cut the plant’s debt has fallen apart because its debt went up to $4.929 billion, which disappointed the investors. Darren Murphy believes that decisive action must be taken.
“We need to do better. We need to step back and make sure we’re considering all options to achieve that objective because the objective is quickly closing in on us.”