New Brunswick Introduces Changes to the Electricity Act
May 21, 2024
Changes to the Electricity Act were introduced by New Brunswick as part of regulatory reform under the government’s clean energy strategy, Powering our Economy and the World with Clean Energy: Our Path Forward to 2035.
The changes, if approved, would allow NB Power to access alternative funding and to enter strategic partnerships with other entities related to existing and new generation assets.
“We are committed to ensuring reliable and affordable energy for New Brunswickers,” said Natural Resources and Energy Development Minister Mike Holland. “As the energy market changes with new technologies, energy sources, generation strategies and microgrids, NB Power needs to be modernized so our province is competitive and responsive.”
The clean energy strategy is meant to guide the province’s transition to a low-carbon economy while ensuring New Brunswickers have a secure and affordable supply of clean energy. As outlined in the strategy, enabling NB Power to explore partnerships and alternative financing to improve performance, lower operational risk and lower costs for New Brunswickers is necessary to facilitate the clean-energy transition in an affordable way.
The strategy focuses on four areas: affordability; energy security and reliability; regulatory reform; and economic growth.
