New Brunswick residents will see their power rates climb by nearly 13 per cent in April.

This follows back-to-back decisions by the New Brunswick Energy and Utilities Board.

On Tuesday, the EUB granted NB Power’s request for a three per cent hike through what is known as a “variance account recovery.”

The utility said this increase was needed to help cover higher-than-expected costs, primarily due to an unplanned outage at the Point Lepreau Nuclear Generating Station.

Tuesday’s decision is in addition to an interim rate hike of 9.8 per cent approved by the provincial regulator last Friday.

Both increases are expected to take effect on April 1, a spokesperson for the utility told our newsroom last week.

“Before any new rates go into effect, NB Power will reach out to all our customers to let them know how they will be affected,” Dominique Couture said in an email on Friday.

The larger rate hike could end up being adjusted in the coming months as the utility still faces a full hearing by the regulator.

NB Power submitted its April 1 rate application several weeks behind schedule after the province abruptly extended the utility’s 80/20 debt-equity target from 2027 to 2029.

Because the hearing is not scheduled until mid-May and a decision is not expected until at least July, the utility requested an interim rate hike.

NB Power has said that if the board later awards a smaller increase, customers’ bills will be adjusted to reflect the difference.