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As part of this review, a virtual public information session will be held on June 25 at 12:00 p.m.
This is one step toward the ultimate goal of affordable, reliable and sustainable electricity for all New Brunswickers.
Submit your questions to [email protected]
Overview
NB Power is projecting significant future rate increases that are creating affordability challenges for rate payers and competitiveness concerns for our export dependent industries. At the same time, the utility is burdened with a high debt to equity ratio exceeding 90% and limited options to grow equity.
Aging assets coupled with deferred maintenance are creating reliability and energy security concerns and challenging the ability to share risk when attracting investment.
There is a need to undertake a comprehensive review of the utility to ensure that everything possible is being done to provide competitive and stable rates, ensure reliability of service and ultimately position the utility to manage growth and the clean energy transition in an affordable, competitive and financially sustainable way.
Learn more about NB Power.
Engagement
Providing opportunities for meaningful conversations with New Brunswickers will be critical to the success of the review.
Next engagement
Date: June 25
Time: 12:00 -1:00pm
Location: Online
Meet the review team, hear what they have been working on and learn how you can help shape the future of NB Power.
Review structure
The review will be conducted by an independent team of three people, with varying expertise, who are responsible for gathering and analyzing data, conducting engagement activities, and developing recommendations based on their findings. The team will be supported by both a steering committee and an advisory committee.
Review team
Michael Bernstein
Michael Bernstein is a seasoned senior executive with extensive experience in the Canadian power, infrastructure and utilities sector, including the negotiation and structuring of complex infrastructure investments and projects.
He is currently a senior advisor with the Boston Consulting Group and president of Juno Advisors Ltd., a consulting firm focused on strategic advisory and investment opportunities. He is the former president and CEO of Capstone Infrastructure Corporation, responsible for the company’s overall management of power infrastructure and utilities businesses in Canada and internationally. Prior to this, he was president of Macquarie Infrastructure and Real Assets Canada Ltd., a senior managing director of Macquarie Group Limited and Macquarie Capital Markets Canada as well as a senior executive with CIBC World Markets Power and Utilities investment banking group.
He holds a Bachelor of Arts in Economics and Philosophy from Dartmouth College and an MBA from Ivey Business School at Western University. He also holds Chartered Financial Analyst and Institute of Corporate Directors, Director designations.
Anne Bertrand (King's counsel/Institute of Corporate Directors, Director)
From 2018 to 2024, Anne Bertrand served as a director of the New Brunswick Power Corporation, and she served on the Audit, Governance, and Board recruitment Committees. She was entrusted with the position of Chair of the Human Resources Safety and Culture Committee that included the CEO Selection Committee.
She became New Brunswick’s first Access to Information and Privacy Commissioner in 2010 for a mandate of seven years. Her work in these fields led to her appointments in 2018 as both the Ad Hoc Information Commissioner and the Ad Hoc Privacy Commissioner of Canada that she currently continues.
In 2011, she was inducted in the Réseau des femmes d’affaires francophones du Canada in recognition of her vision and leadership in the world of business and in her community.
She is a graduate of the University of New Brunswick in Sciences and the first woman president of the Conseil Économique du Nouveau-Brunswick.
Duncan Hawthorne
Duncan Hawthorne is an internationally recognised utility and energy expert. He has held numerous senior positions in the United Kingdom, United States, and Canada, which includes 16 years as president and CEO of Bruce Power in Ontario.
In a highly successful career that spanned more than four decades, he has led significant complex nuclear operational construction projects, carried out many complex commercial transactions, created new corporate organisations and served to support government and industry advisory and leadership forums to support and promote the nuclear industry both domestically and globally.
His efforts have been recognised through a series of global awards and decorations and he has gained a strong reputation as a straight talking, approachable and affable industry leader.
He is a chartered engineer and fellow of the Royal Academy of Engineering and an MBA graduate from Strathclyde University in Glasgow, Scotland.
Project scope
Priority areas:
- financial sustainability
- governance and utility structure
- investor attractiveness / strategic partnerships
- customer expectations