FREDERICTON – NB Power is reporting earnings of $46 million for the first six months of the 2012-13 fiscal year.

That’s $26 million less than the same period the year earlier.

In a statement, the Crown-owned utility says the difference was largely due to a lengthy planned maintenance outage at the Belledune generating station and lower-than-average hydro flows.

It’s the ninth quarter in a row the utility has recorded a profit.

The utility’s debt posted in the quarterly report was $4.6 billion at the end of September, an increase of $140 million from
the end of March.

The report blames the increase on capital spending for the Point Lepreau nuclear generating station refurbishment.

The refurbishment of the nuclear reactor was completed last month, more than three years behind schedule and a billion dollars over budget.