In April 2025, the Government of New Brunswick launched a review of NB Power to address rising electricity rates, system reliability, and financial challenges, including a high debt-to-equity ratio.
NB Power faces significant challenges, posing a serious concern as the utility's operational and financial performance is vital to both New Brunswick residents and businesses in the province.
The review focused on financial sustainability, governance and utility structure, customer expectation and investor attractiveness with a goal to ensure everything possible is being done to ensure affordable and stable electricity rates, safe and reliable service, and a sustainable, competitive utility.
This review included examination of:
The recommendations found in this report are meant to set NB Power on the path to success. The leads of the review recognize that any decision to implement our recommendations rests with the New Brunswick government. That said, they highlight that all have a part to play to make NB Power fit for the future: government, NB Power, households, businesses and communities. The leads hope to see collective action.
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2026-03-27
The review focuses on financial sustainability, governance and utility structure, customer expectation and investor attractiveness with a goal to ensure everything possible is being done to ensure affordable and stable electricity rates.
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As part of our work conducting this review, the leads consulted widely across the province and issued our What We Heard report in January 2026. The What We Heard report reflects the perspectives and opinions of those who participated in all engagement opportunities attached to this project. The leads hope that contributors to the report will note that we have given due consideration to their input as we have formulated our recommendations.
The leads' recommendations highlight opportunities for improvement in five key action areas:
The review was conducted by an independent team of three people who were responsible for gathering and analyzing data, conducting engagement activities, and developing recommendations based on their findings. The team was supported by both a steering committee and an advisory committee.
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. Michael has advised several provinces and utilities across Canada, including Ontario, Saskatchewan, Alberta, British Columbia, Quebec and New Brunswick. This included the original restructuring of New Brunswick Power as well as the proposed transaction with Hydro Quebec.
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.
