NB Power has applied for a rate hike of 8.9 per cent for all customers, which if approved, would be the highest rate hike in 41 years.

The increase would come into effect on April 1, 2023, and would cost the average residential customer $200 more each year.

In July 2007, NB Power applied for a 9.6 per cent rate hike, but was only granted a 6.4 per cent increase in March 2008.

In 1981, NB Power increased rates by 9.8 per cent.

Lori Clark, the acting CEO of the utility, said inflation, higher interest rates, and fuel costs are all reasons for the 8.9 per cent rate hike application.

NB Power is also looking to cut costs next year, by reducing their workforce and hiring an independent consultant to do a review of the utility’s costs.

Premier Higgs blamed the federal carbon pricing introduced by Prime Minister Trudeau’s Liberal government for the increases facing New Brunswickers.