Powering Canada's Future: Ensuring Access to Affordable, Reliable and Clean Electricity in New Brunswick

Canada NewsWire

DIEPPE, NB, Dec. 8, 2024

DIEPPE, NB, Dec. 8, 2024 /CNW/ - In the 21st century, a reliable and affordable clean electricity grid is the backbone of a strong economy. Today more than 80 per cent of Canada's electricity is generated from clean sources like hydropower, wind, solar, and nuclear – and it's a big part of the reason why companies are choosing to invest in Canadian workers and business. In New Brunswick, renewables projects are already creating good jobs and delivering more affordable power to the grid. By taking action to expand clean power, new economic opportunities are being unlocked while families and workers are getting ahead.

Today, the Honourable Steven Guilbeault and the Honourable Dominic LeBlanc announced over $1 billion in additional investments to ensure that as New Brunswick's electricity demands grow substantially over the coming years, we meet demand with clean electricity that is both reliable and affordable. NB Power estimates the following investments could help power up to 140,000 homes.

Up to $1 billion in federal support for up to 670 megawatts of Indigenous-led wind projects through the Canada Infrastructure Bank (CIB) Clean Power priority sector and Indigenous Equity Initiative as well as Natural Resources Canada's Smart Renewables and Electrification Pathways program (SREPs).
$25 million from SREPs for the 25-megawatt Neweg Energy wind project, a partnership with the New Brunswick Mi'kmaq First Nations.
$500,000 to the North Shore Mi'kmaq Tribal Council to provide seven Mi'kmaq Nations in New Brunswick resources and technical support and enable direct participation in clean energy opportunities.
A commitment from Canada to work with New Brunswick and NB Power to support the conversion of the Belledune Generating Station from coal-fired power to biomass.
$1.6 million from Atlantic Canada Opportunities Agency (ACOA) to further investigate the conversion through engineering and planning studies, this is in addition to a previously announced $2 million from ACOA to evaluate different biomass fuel options.
$25 million to NB Power for predevelopment work for up to 600 megawatts in new small modular reactor (SMR) capacity at the Point Lepreau Nuclear Generation Station through NRCan's Electricity Predevelopment Program.
$1.3 million to NB Power for predevelopment work on the modified Atlantic Loop transmission line between New Brunswick and Nova Scotia through NRCan's Electricity Predevelopment program.

The Ministers also announced that the Government of Canada and the Government of New Brunswick have reached a common understanding on the forthcoming Clean Electricity Regulations that will provide the flexibilities needed to enable New Brunswick's electricity system to grow and decarbonize all while ensuring it will be affordable, reliable, and non-emitting.

The federal and provincial governments, in collaboration with First Nations partners, have already been partnering through the New Brunswick Regional Table to identify and accelerate shared economic priorities for a net-zero future in the province's energy and resource sectors. Investments announced today demonstrate the commitment to continue to collaborate and to take action to grow and decarbonize the electricity grid.

As demand for electricity grows, the opportunity to power our communities and the world with clean, affordable, and reliable power is a win-win-win – for workers, for affordability, and for the environment. The Government of Canada's plan is working to drive GHG pollution down while the economy grows and inflation cools. Together, with provinces and territories, Indigenous Peoples, municipalities, industry and workers, the Government of Canada is seizing the opportunity ahead to build a strong economy with good jobs, and to ensure a healthy environment for our children and grandchildren.

Quotes

"Canadians are leaders in generating clean electricity that powers our communities and beyond. Today's shared commitment with New Brunswick is a clear signal that investing in clean electricity in New Brunswick creates jobs, drives economic growth, and positions New Brunswickers to take advantage of the economic opportunities presented by the clean economy, now and into the future. The federal government is a partner as we build a 21st century economy, underpinned by a clean electricity system, that places affordability and reliability at its core."

The Honourable Jonathan Wilkinson
Canada's Minister of Energy and Natural Resources

"This is a very exciting day for New Brunswick. Our two governments are united by a common goal of building a clean grid in New Brunswick that can power homes and businesses with clean, reliable and affordable electricity. Switching to clean electricity can save New Brunswickers money on their monthly bills, while building that cleaner grid means more quality unionized jobs. Making sure our grid is zero-emitting is a major step to fighting climate change, truly a win-win-win for everyone."

The Honourable Steven Guilbeault
Minister of Environment and Climate Change

"Across Canada, the Canada Infrastructure Bank is making investments in provincial energy systems which will enable new generation, storage and transmission while minimizing ratepayers impacts and creating greater Indigenous ownership opportunities. We are pleased to play lead role in helping New Brunswick with its call for a significant increase in the use of renewable energy which will ensure the province's grid has enough power to meet future demand."

The Honourable Dominic LeBlanc
Minister of Public Safety, Democratic Institutions and Intergovernmental Affairs

Ehren Cory
CEO of the Canada Infrastructure Bank

"This Government of Canada investment will help power New Brunswick's shift from coal to renewable energy, that means more affordable and more reliable power for families, not to mention good jobs for energy workers across the province."

The Honorable Gudie Hutchings
Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency

"We are very happy to be collaborating with federal and First Nations partners to grow our economy and decarbonize our electricity grid. Ensuring affordable and reliable energy for New Brunswickers and making progress on our clean energy commitments are priorities for our government."

The Honourable Susan Holt
Premier of New Brunswick

"We have exciting opportunities before us that will lead to a cleaner environment, more economic growth, and most importantly, an affordable and secure energy supply for New Brunswickers. Here in New Brunswick, as well as throughout the Atlantic provinces, we face the highest rates of energy poverty in the country. This new federal funding for our priorities as well as investment in Indigenous led wind projects takes a step closer to meeting our clean energy goals and commitments."

The Honourable René Legacy
Deputy Premier and Minister responsible for Energy, Minister of Finance and Treasury Board and Minister responsible for the Right to Information and Protection of Privacy Act

Quick Facts

The Government of Canada's Smart Renewables and Electrification Pathways Program (SREPs) is a $4.5-billion program designed to support the deployment of clean electricity to ensure a reliable, affordable and decarbonized electricity system.
The Canada Infrastructure Bank (CIB) is supporting renewable power procurements in British Columbia, Saskatchewan, New Brunswick and Nova Scotia. The CIB's Clean Power sector has a target to invest at least $10 billion in projects which allow Canadians to access more reliable and secure energy, create jobs and cut emissions.
In addition, the CIB's Indigenous Equity Initiative provides loans to Indigenous communities to provide them with access to capital to purchase equity stakes in projects in which the CIB is also investing. Economic returns from these projects can be reinvested, narrowing the economic and infrastructure gap among Indigenous communities.
In Atlantic Canada, ACOA is delivering $55 million under the Canada Coal Transition Initiative. The initiative is set to end on March 31, 2025.
NRCan's Electricity Predevelopment Program is a $250-million program to support pre-development activities of clean electricity projects such as inter-provincial electricity transmission projects and small modular reactors, critical for supporting economic development through investments in new infrastructure and the enhanced security and reliability of our clean energy supply.
Powering Canada's Future combines historic investments and balanced, fair regulations to ensure new electricity production in Canada is built with the affordable, reliable, clean, and renewable energy sources that Canadians expect.
Across Canada, electricity operators are taking advantage of the more than $60 billion over the next decade in federal support to help build 21st century electricity grids.
All G7 countries have committed to build a net-zero grid as a foundational measure for enabling achievement of net zero economies by 2050.
Electrification is helping to save families money on their energy bills, such as by driving hybrid trucks or installing all-season heat-pumps that have lower operating costs. These cost-saving technologies are supported by purchase incentives and rebates programs from the Government of Canada, helping to put hundreds of dollars more in the pockets of Canadian families every month.
Besides significant cost savings, several studies have found that clean electricity can enable lower and more stable electricity bills, since the shift away from fossil fuel electricity also protects ratepayers from volatile electricity prices caused by global price shocks associated with coal and natural gas-powered electricity. For example, Manitoba, Quebec, British Columbia, and Ontario largely operate cleaner electricity grids that provide stable and affordable power and energy reliability during the coldest winter days.

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SOURCE Natural Resources Canada