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Letter from the President and the Chairman

February 28,1996

Since NB Power published its first five year Business Plan just two years ago, the prospects for change in how the electric utility industry operates and what our customers expect have accelerated markedly.

The likelihood of the electric utility industry shifting over time from its current regulated environment to some form of open access/competitive type of business appears imminent. This shift will certainly impact the way all utilities, including NB Power, make decisions and relate to customers.

NB Power is examining what additional changes to its operations and corporate structure would be appropriate under a more deregulated and competitive market place. It is our commitment that regardless of when and what form competition may take, the Corporation will continue to build upon its traditional strengths and to address its overall mode of operation as if the change was here today. This will ensure that NB Power's commitment to quality service and competitive rates will be maintained.

While the last two years have not been without their challenges, we can report a number of very positive successes. The SLAR program at Point Lepreau was successfully completed thus avoiding the premature replacement of the fuel channels. We advanced our fuel diversification strategy with the completion of Belledune and the Orimulsion_ conversion program at Dalhousie. We significantly improved our environmental performance with the installation of scrubbers at Belledune and Dalhousie. We improved our service to customers and we made reductions in our OM&A expenses which are significantly lower than projections made in our first Business Plan.

We are confident that NB Power will be competitive in a deregulated environment. NB Power has low cost generation with a diversified and balanced generation mix. We have transmission resources that will ensure our competitiveness. All this has been made possible within a rate structure that continues to be the lowest in Atlantic Canada and among the lowest in Canada itself.

We are pleased to present this, our third, five year Business Plan and look forward to an on-going dialogue with our customers and stakeholders on the future direction the Corporation should take in this changing environment.

G.L. Titus				Dr. Frank Wilson
President				Chairman

Legislative Assembly of New Brunswick
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