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. In 2004 the Board assumed responsibility for regulation of maximum prices for petroleum products in 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.

The Board's jurisdiction is defined by the following legislation which it administers:

i) Public Utilities Act, R.S.N. 1990
ii) Electrical Power Control Act 1994
iii) Petroleum Products Act
iv) Automobile Insurance Act
v) Motor Carrier Act
vi) Expropriation Act
vii) Hydro Corporation Act
viii) Public Utilities Acquisition of Lands Act

These Acts fall under the responsibility of various departments of Government, including the Department of Justice and Public Safety (Public Utilities Act), Digital Government and Service NL (Automobile Insurance Act, Insurance Companies Act, and Petroleum Products Act) and Department of Industry, Trade and Technology (Electrical Power Control Act).

To deliver its regulatory mandate the Board conducts public hearings, technical conferences, stakeholder meetings, compliance monitoring, audits, detailed technical/financial reviews and investigations. Hearings held by the Board in the discharge of its mandate are quasi-judicial in nature and are conducted in accordance with the provisions of the Public Inquiries Act and the Board's regulations - Newfoundland Regulations 39/96. Orders issued by the Board have the force of law and can only be appealed to the Supreme Court of Newfoundland, Court of Appeal.