NB Power and province join forces for energy export exploration
May 18, 2017 - The provincial government and NB Power are forming a new corporation as a joint venture to “capitalize on New Brunswick’s geography in exporting energy”, the two parties say.
The development corporation will allow NB Power to partner with the provincial government to seek business growth inside and outside the province while benefiting from investment opportunities in which regulated utilities cannot participate, according to the utility. The new corporation might also be eligible for federal infrastructure funding and similar arrangements exist in Nova Scotia and Ontario.
David Campbell will chair the board of the new business, which will be called the New Brunswick Energy Solutions Corporation. NB Power says Campbell has been a long-serving economic consultant and served until recently as the provincial government’s chief economist.
“The energy sector in New Brunswick is a major contributor to the economy, accounting for more than six per cent of provincial GDP,” said Campbell. “This new energy corporation will allow New Brunswick to leverage its geography, energy assets and expertise to build new export markets for energy products and services. I am excited to take on this important role and by the potential boost to export revenue from this important sector.”
The provincial government and NB Power also recently announced the potential early expansion of the Grand Falls hydro dam to create energy for export. The development corporation will oversee this work.
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