Irving Oil withdraws NB Energy and Utilities Board application
The impacts of the COVID-19 pandemic on our industry and our business have been severe, and as we work to withstand these challenges, our company invested a significant effort of time and attention supporting our applications to the New Brunswick Energy and Utilities Board.
As the process with the Board has evolved, it has become clear that the current system does not allow for the proper consideration of what is an industry issue in our province. The current process was designed for companies that do not work in a competitive environment. The ongoing requirement for us to share competitively sensitive information in a forum that could allow for ongoing disputes and ultimate sharing of confidential information is beyond what we can reasonably agree to.
Accordingly, today, we have advised the Board that we are formally withdrawing our application for permanent increases in the maximum wholesale margins for motor fuel and furnace oil in New Brunswick.
We thank the Board for its cooperation throughout the process and our team for all their hard work in preparing this application and presenting the facts to demonstrate the seriousness of this issue for a secure energy supply to our region. We will now continue the important work of ensuring these facts are understood to support the long-term viability of the industry in this region.