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Tuesday, October 1, 2013

NB Power Integrates Companies Into Single Utility

The province's energy utility bringing its companies together under one umbrella. NB Power's Group of Companies are now one integrated Crown Corporation as required by the Electricity Act.

That company is now solely responsible for generating, transmitting and distributing the province's electricity.

The change means the Electric Finance Corporation which was created to deal with debt is disslved and the utility will take on $325-million in net debt, and a new subsidiary, the NB Energy Marketing Corporation, will be created.

President and CEO Gaƫtan Thomas says the changes will help keep energy prices low and stable over the next decade.