Joint venture to explore energy export opportunities17 May 2017
FREDERICTON (GNB) – The provincial government and NB Power are forming a new corporation as a joint venture to capitalize upon New Brunswick’s geography in exporting energy.
“Jobs are a key priority for New Brunswickers, and there are great opportunities for economic growth through our energy sector,” said Energy and Resource Development Minister Rick Doucet. “The creation of this partnership also helps honour our platform commitment to explore more energy export opportunities.”
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. The new corporation might be eligible for federal infrastructure funding. 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. 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 recently announced the potential early expansion of the Grand Falls hydroelectric dam to create energy for export. The development corporation will oversee this work. NB Power’s role in the development company will be governed by an affiliate code of conduct that will be subject to a review by the Energy and Utilities Board, New Brunswick’s independent regulator.