NB News: Changes introduced to the Electricity Act

The Province of New Brunswick says it has introduced changes to the Electricity Act that would allow NB Power to access “alternative financing.”

A press release from the province on Wednesday said the changes introduced were part of regulatory reform as part of the provincial clean energy strategy released in December.

The new legislation would allow NB Power to access financing from sources other than the government or certain bank lenders.

“We are committed to providing New Brunswickers with reliable, affordable energy,” Natural Resources and Energy Development Minister Mike Holland said in the release. “As the energy market changes with new technologies, energy sources, generation strategies and microgrids, NB Power must modernize to ensure our province is competitive and responsive.”

The utility has some costly projects on the horizon, including further cleanup of the Point Lepreau Nuclear Power Plant and the Mactaquac Dam.

Last year, the Crown corporation signed a three-year contract with Ontario Power to help improve Point Lepreau's performance.

The proposed legislation would allow the utility to explore other similar financing partnerships in the future.

With files from CTV Atlantic's Laura Brown.