N.B. Power would have posted $384 million in combined losses over its last four fiscal years if not for two variance accounts disguising those poor results, according to Auditor General Paul Martin.
Utility would have posted $384 million in losses over 4 years if not for variance accounts
Robert Jones · CBC News
· Posted: Sep 29, 2026 3:15 PM EDT | Last Updated: 1 hour ago
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Auditor General Paul Martin told MLAs Tuesday that casual readers of N.B. Power’s financial statement might mistakenly believe the utility has broken even over the last four years rather than lost $384 million. (CBC)
N.B. Power would have posted $384 million in combined losses over its last four fiscal years if not for two variance accounts disguising those poor results, according to Auditor General Paul Martin.
“The variance account framework has protected N.B. Power’s financial results,” Martin wrote in what he called an “informational” review of the variance account scheme and ongoing “rate riders” charged to electricity customers to pay for it.
“This somewhat masks an issue on their financial statements,” he told MLAs during a public accounts committee hearing on Tuesday in discussing his findings.
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