NB Power charts long-term energy supply plan
Fredericton, N.B. – NB Power will meet the province's long-term energy supply needs through a combination of initiatives designed to reduce energy demand, encourage efficiency, foster locally owned, small-scale renewable projects and add new resources to ensure the utility meets its target of supplying 40 per cent of energy from renewable sources by 2020 while respecting its mandate to provide reliable, accessible service at low and stable rates.
The details of the plan are available in NB Power's Integrated Resource Plan (IRP) a strategic planning document that identifies how the utility will meet projected customer demand for electricity during the next 25 years. The plan was submitted to the Energy and Utilities Board (EUB) earlier today.
The IRP process is a long-term planning tool that is standard across utilities. While the IRP is forecast for 25 years, NB Power updates the plan every three years to reflect new technology, changes in customer demand and updated fuel price forecasts.
The plan received substantial input from stakeholders during a workshop in January 2014. Individuals representing the spectrum of NB Power's customer base (residential, small business and industrial, non-profit sectors and municipalities) participated in the full-day event.
"I want to thank the individuals who took the time to share their insights and ideas with us during the creation of this plan," said NB Power President and CEO Gaëtan Thomas. "This is the first time we've brought our customers into formal discussions about New Brunswick's long-term energy plan. We learned a great deal about the passion and commitment our customers bring and will be acting on many of the ideas we heard. We'll continue to work together to refine our stakeholder engagement process and I am very grateful to the many individuals who brought ideas and suggestions that made the IRP a stronger, more inclusive and customer-focused plan."
The new Electricity Act requires NB Power to submit an IRP to the EUB at least once every three years. The EUB will consider the IRP, along with the ten-year strategic, financial and capital investment plan and other considerations in approving or fixing rates. Each iteration of the IRP will involve input from the utility's customers.