FREDERICTON, April 17, 2024 – Liberty submitted a General Rate Application to the New Brunswick Energy and Utilities Board (NBEUB) on Monday, April 15 that includes adjustments to the distribution rates for all customer rate classes in 2024. The proposed changes would result in reductions in the total cost of natural gas for all customers. Natural gas continues to be a significantly lower cost alternative compared to other energy sources, by as much as 28.2% for large commercial customers compared to oil and as much as 31.8% for homeowners compared to electricity. Pending approval from the NBEUB, Liberty is seeking to implement the adjustments to distribution rates on September 1, 2024.

Commercial customers could see average decreases of 11.1% - 17.5% (depending on rate class) in the total cost of natural gas distribution service in 2024 as compared to 2023. Liberty is proposing to increase the distribution rates for all commercial customers, but when taking the lower forecasted commodity cost of $7.18/GJ into account, customers can expect to see savings compared to 2023. 

Residential customers could see an average decrease of 9.8% in their total cost of natural gas distribution service in 2024 as compared to 2023. Liberty is proposing to increase the residential distribution rate from $10.8527 to $11.1900, and assuming the same forecasted natural gas commodity cost of $7.18/GJ, customers can also expect to see savings compared to 2023. 

The actual impact on customers’ total annual costs will depend on how much natural gas is consumed and the price of natural gas supply. A typical residential customer, for example, who buys their gas supply from Liberty Utility Gas and uses 66 GJ per year for heat and hot water would see a total annual bill decrease of approximately $162.00 over the course of the year compared to 2023. 

 

Based on the current and proposed distribution rates/charges and the average current/forecasted Liberty Utility Gas price in 2024 of $7.18/GJ and in 2023 of $10.04/GJ. The Federal Carbon Tax is excluded.


Customers can also expect to see significant savings compared to alternative energy. Commercial customers can expect to see substantial savings of 19% to 43% (depending on rate class) compared to No. 2 oil and even more if the cost of natural gas supply is lower than forecasted. Residential customers can still expect to see considerable savings compared to electricity – an estimated 31.8% or more if the cost of natural gas supply is lower than forecasted. These savings include the cost of the Federal Carbon Tax on Liberty rates only.

 

Based on the current and proposed distribution rates/charges and the average current/forecasted Liberty Utility Gas price in 2024 of $7.18/GJ and in 2023 of $10.04/GJ. Forecasted % Savings in 2024 is total cost compared to electricity for residential and No. 2 oil for commercial. The Federal Carbon Tax has been applied to Liberty rates only.


Liberty is also proposing the adoption of a Weather Normalization Adjustment (WNA) mechanism for rate classes other than the Large Industrial Contract Service (LICS) and Off-Peak Service (OPS) rate classes. A WNA removes the impact of variations in volumes due to weather, which is outside the company’s control.
 
With the increased cost of living being felt across our region, Liberty is glad to offer significant savings to New Brunswick residents and business owners compared to alternative fuels.
 
All adjustments to distribution rates and charges for all rate classes are reviewed and approved by the NBEUB. Please visit www.nbeub.ca for more information.
 
NOTE: Liberty does not earn a profit on the sale of natural gas supply (Liberty Utility Gas). Customers have a choice when it comes to purchasing their natural gas supply. Please visit www.nbeub.ca for more information.

About Liberty

Part of Algonquin Power & Utilities Corp., Liberty is committed to providing safe and reliable natural gas, water, and electricity distribution and services to over one million customer connections. Liberty’s utility operations are primarily located in the United States and Canada, as well as operating in Chile and Bermuda. With a customer-centric approach to management, Liberty seeks to provide a superior customer experience through local management of walk-in centers, conservation and energy efficiency initiatives, and programs for businesses and residential customers. We measure our performance in terms of service reliability, customer satisfaction, and public and workplace safety. Liberty’s North American distribution operations include Arizona, Arkansas, California, Georgia, Illinois, Iowa, Kansas, Massachusetts, Missouri, New Hampshire, New York, Oklahoma and Texas in the United States, and New Brunswick in Canada. 
 
For more information, please visit www.libertyenergyandwater.com.
 
Caution Regarding Forward-Looking Information

Certain statements included in this news release are forward-looking. The words "will", "would", "expects", and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include but are not limited to statements regarding: the expected timing for new rates; the expected impact on customers of the requested rates; expected commodity and energy prices; and expected customer savings. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Liberty cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Liberty undertakes no obligation to update any forward­looking statements to reflect new information, subsequent or otherwise.
 
###

Media Contact:
Maggie Estey | Communications | Liberty
(506) 292-3581
NBCommunications@libertyutilities.com