NB Power reporting increased profits
The Canadian Press
Published Tuesday, July 24, 2012 11:48AM ADT
FREDERICTON - New Brunswick's Crown utility company is reporting increased profits for the past fiscal year.
The Crown corporation says it had earnings of one hundred and seventy-three million dollars for 2011-12.
That's an increase of 106-million dollars over the previous year.
N-B Power chairman Ed Barrett says the improved numbers can be attributed to lower fuel costs and efforts to trim costs.
However, even as profits rose, New Brunswick Power's debt increased by 83 million dollars due to spending on capital projects.
Energy Minister Craig Leonard he remains confident the utility can meet fiscal targets, including a 1 billion dollar debt reduction over 10 years.