PUB provides clarification on Newfoundland Power’s Capital Budget

The Public Utilities Board is issuing some clarification on the approval of Newfoundland Power’s 2024 Capital Budget.

Capital Budget Applications are submitted annually by a utility which is for approval of capital the utility is permitted to spend for projects for the next year.

The Board issued its order Thursday with respect to Newfoundland Power’s 2024 Capital Budget Application. As a result of this order Newfoundland Power’s approved 2024 Capital Budget is $1,000,000 less than proposed reflecting the reductions that the Board ordered with respect to three proposed projects. The Board will issue its reasons with respect to this order in the coming weeks.

General Rate Applications are generally submitted every three years by a utility and are rate-setting proceedings. Newfoundland Power’s 2024 Rate of Return on Rate Base Application and its 2025-2026 General Rate Application are separate matters which continue to be addressed by the Board.