FREDERICTON - NB Power is reporting a $9-million drop in earnings for the first quarter of this year compared to the same period last year.
The utility's recorded net earnings for the first quarter of 2012-13 of $33 million, according to a statement released Friday.
It says the decrease is linked to a warmer-than-usual spring and hydro flows that were below the long-term average.
Gaetan Thomas, NB Power's president, said the company has been trying to reduce operating costs and improve productivity, while hitting milestones on the Point Lepreau generating station refurbishment project.
Ed Barrett, chair of NB Power's board of directors, said the utility has a 10-year plan to meet the goal of increasing equity by 20 per cent.
"While our forecast shows that a repeat of last year's record results is unlikely, our plan is to achieve a level of profitability that will allow the utility to meet all the long-term financial targets set by the shareholder," he said.
The information provided in the report includes year-over-year financial variances for the first quarter from April to June.