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New Brunswick auditor general expresses serious concern with ongoing debt at NB Power

New Brunswick auditor general expresses serious concern with ongoing debt at NB Power
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FREDERICTON - New Brunswick’s auditor general says NB Power needs to make reduction of its $4.9-billion debt a priority.

Kim Adair-MacPherson tabled two volumes of her annual report today as she appeared before the legislature’s public accounts committee.

She says NB Power has the highest debt-to-equity ratio of all government-owned utilities in Canada.

Adair-MacPherson says she has a “serious concern” that the utility has repeatedly failed to meet debt reduction and income targets.

She said NB Power has reduced debt by an average of $20 million annually since the refurbishment of the Point Lepreau nuclear power plant was completed in 2013 but would have to reduce the debt by $65 million per year to meet its 2027 target.
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