Changes introduced to Electricity Act to allow NB Power access to 'alternative funding'

The province of New Brunswick says changes have been introduced to the Electricity Act that would allow NB Power to access “alternative funding.”

A Wednesday news release from the province says the introduced changes are part of a regulatory reform under the provincial clean energy strategy, which was released in December.

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

• The information you need to know, sent directly to you: Download the CTV News App

“We are committed to ensuring reliable and affordable energy for New Brunswickers,” said Natural Resources and Energy Development Minister Mike Holland in the release. “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 utility has some expensive projects on the horizon, including a further refurbishing of Point Lepreau Nuclear Generating Station 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 more similar funding partnerships in the future.

With files from CTV Atlantic’s Laura Brown.

For more New Brunswick news visit our dedicated provincial page.