NB Power's residential customers will pay 2.07 per cent more for power, starting April 1, the highest increase awarded to the utility in the latest round of price increases.

The Energy and Utilities Board approved the rate hike on Thursday.

The rate for commercial customers is going up by 0.8 per cent, and the average increase for industrial and all other customers will be 1.77 per cent.

The EUB board deemed the rates "just and reasonable," according to a news statement.

It will issue reasons for its decision at a later date, it said.

NB Power had been seeking an overall rate increase of two per cent.

Earlier this week, the EUB issued a preliminary decision, approving rate increases but ordering a reduction of $4.7 million to the utility's revenue requirements.

The board approved total revenue requirements of $1.7 billion for 2017-18, but stripped $3.2 million in proposed industrial subsidies after a math error was uncovered during NB Power's rate hearing in February.

On Monday, the EUB directed NB Power to file for review its calculations of revised average and differential rate increases for all customer classes and a revised proposed schedules of rates.

The board reviewed the documentation and approved the revised rates.