Irving Paper will once again shut down 50% of its operations in response to NB Power’s record high industrial electricity rates, and remain down for at least a week. “NB Power’s continued delays at the Point Lepreau generating station have resulted in electricity rates being over 100% higher than historic levels,” said Mark Mosher, VP Pulp & Paper. “No business can absorb price increases of that level without negative impacts. Irving Paper has shut down or reduced its operations over 30 days so far in 2024, with more expected.” …Irving Paper has historically been the provincial utility’s biggest customer with annual costs in the range of $60 Million. Projections see that increase to well over $80 Million in 2024 and $100 Million in 2025, with significant downtime built in to avoid a much higher bill. …“Without clear policy to address these bigger structural competitive issues, NB’s industrial base will continue to contract.”