The Board is an independent, quasi-judicial regulatory body appointed by the Lieutenant Governor in Council, and operates primarily under the authority of the Public Utilities Act, R.S.N. 1990. The Board was established in 1949.

The Board is responsible for the regulation of the electric utilities in the province to ensure that the rates charged are just and reasonable, and that the service provided is safe and reliable.

Recently, the Board has received the added responsibility for ensuring fairness in marketing of petroleum products throughout the province in accordance with the Petroleum Products Act.

The Board is also responsible for the supervision of rates charged by automobile insurers for the various automobile insurance coverages, limited regulation of the motor carrier industry in relation to certain passenger and ambulance operations as well as conducting hearings and other required activities under the Expropriation Act.