The world is changing rapidly. Global trade is upended, wars are ongoing in Europe and the Middle East, artificial intelligence is scaling at speed, and climate change is intensifying. In response, Canada is focused on what we can control: building a prosperous, secure and sustainable Canadian economy. Central to this mission is supplying and controlling our own energy. A reliable, affordable and clean electricity system keeps families' bills affordable, makes Canadian businesses more competitive and will build a more secure and sustainable Canada for the long term.
That is why, today, the Honourable Tim Hodgson, Minister of Energy and Natural Resources, announced an investment of almost $270 million for clean and reliable energy in New Brunswick. This includes:
- A $219-million site development loan from the Canada Infrastructure Bank (CIB) to NB Power for the Mactaquac Life Achievement Project to support technical studies, regulatory reviews, First Nations engagement and planning activities.
- Mactaquac Generation Station is New Brunswick's largest renewable energy asset and NB Power's largest hydroelectric facility. The 672-megawatt (MW) run-of-river station supplies 30 percent of the province's renewable energy requirements and 20 percent of its peak electricity demand.
- Mactaquac has faced premature concrete deterioration that has affected critical equipment, including turbines and spillway gates. NB Power's Mactaquac Life Achievement Project is a phased rehabilitation program that will enable the generating station to reach its 100-year lifespan.
- $50 million from Natural Resources Canada to NB Power for the Static Synchronous Compensator (STATCOM) project at the Salisbury Terminal to strengthen southern New Brunswick's electricity system.
- The Salisbury Terminal is a high-voltage transmission substation that is key to managing the flow of electricity across New Brunswick's grid. It will improve grid stability and reliability in southern New Brunswick while supporting the integration of additional renewable energy resources as electricity demand continues to grow.
As outlined in Powering Canada Strong: A National Strategy for an Electrified Canadian Economy, the federal government is working with provinces and territories, Indigenous communities, utilities and industry to ensure Canadians get access to the power they need while laying the foundation for long-term economic growth across the country. A more connected, resilient and clean electricity grid will create good jobs, reduce emissions, support affordability and attract investment, to the benefit of all Canadians.
