FREDERICTON - New Brunswick's Crown-owned power utility has recorded a profit for the third consecutive quarter.
NB Power issued a statement today saying net earnings for the nine-month period ending Dec. 31 were $121 million, compared to $53 million for the same period the year before.
The utility says the $68 million increase in earnings was the result of a number of factors, including an $84-million reduction in expenses for fuel, purchased power and transmission.
Revenue was $17 million higher than the same period in the 2010-11 fiscal year because of increased residential load, a rate increase implemented in June 2010 and colder weather.
The utility's quarterly report said NB Power has started installing 760 lower feeder pipes into the Point Lepreau nuclear generating station -- the last major refurbishment activity prior to loading fuel inside the reactor.
As of Dec. 31, 2011, the utility's debt stood at $4.5 billion.
