View source for NB Power

{{Short description|Electric utility company}}
{{Use Canadian English|date=June 2023}}
{{Use mdy dates|date=June 2023}}
{{Infobox company
| name             = New Brunswick Power Corporation
| native_name      = Société d’énergie du Nouveau-Brunswick
| native_name_lang = fr
| type             = [[Crown corporations of Canada#New Brunswick|Crown corporation]]
| trade_name       = {{plainlist|
* NB Power
* Énergie NB
}}
| former_name      =  New Brunswick Electric Power Commission
| foundation       = {{Start date|1920|04|29}}
| location_city    = [[Fredericton]], [[New Brunswick]]
| location_country = Canada
| area_served      = [[New Brunswick]]
| key_people       = Lori Clark ([[President (corporate title)|President]] and [[Chief executive officer|CEO]])
| industry         = [[Electricity generation]], [[electric power transmission|transmission]] and [[electricity distribution|distribution]]
| num_employees    =  2,500+ (2020)<ref name="2018-2019report"/>{{rp|8}}
| services         = [[Electricity]]
| revenue          = {{increase}}{{CAD}}2,198 million (2022)<ref name="AR_2021-2022">{{cite web |title=Annual Report 2021/22 |url=https://www.nbpower.com/media/1491799/nb-power-annual-report-2021-22-print.pdf |access-date=August 8, 2022}}</ref>
| operating_income = {{increase}}{{CAD}}283 million (2022)<ref name="AR_2021-2022"/>
| net_income       = {{increase}}{{CAD}}80 million (2022)<ref name="AR_2021-2022"/>
| assets           = {{increase}}{{CAD}}7,935 million (2022)<ref name="AR_2021-2022"/>
| equity           = {{decrease}}{{CAD}}174 million (2010)<ref name="AR_2010p48">{{harvnb|NB Power|2010|p=48}}</ref>
| website          = {{official URL}}
}}

'''New Brunswick Power Corporation'''<ref>{{Cite canlaw|short title= Electricity Act|abbr= S.N.B.|year= 2013|chapter = 7|link= http://laws.gnb.ca/en/ShowTdm/cs/2013-c.7/|linkloc= New Brunswick Acts and Regulations}}<!-- "'Corporation' means the corporation that was amalgamated and continued as a corporation with share capital under the name New Brunswick Power Corporation in English and Société d'énergie du Nouveau-Brunswick in French on October 1, 2013."--></ref> ({{langx|fr|Société d’énergie du Nouveau-Brunswick}}), [[operating as]] '''NB Power''' ({{langx|fr|Énergie NB}}), is the primary [[electric utility]] in the [[Provinces and territories of Canada|Canadian province]] of [[New Brunswick]]. NB Power is a [[Vertical integration|vertically-integrated]] [[Crown corporations of Canada|Crown corporation]] by the government of New Brunswick and is responsible for the [[Electricity generation|generation]], [[Electric power transmission|transmission]], and [[Electric power distribution|distribution]] of electricity.<ref name=Dec2013report>{{Cite report|date=2014 |title=Year-To-Date Results For Period Ended December 2013 |url=https://www.nbpower.com/html/en/about/publications/annual/2013-14Q3.pdf  |publisher=Énergie NB Power|access-date=2014-07-28}}</ref>{{rp|3}} NB Power serves all the residential and industrial power consumers in New Brunswick, with the exception of those in [[Saint John, New Brunswick|Saint John]], [[Edmundston]] and [[Perth-Andover, New Brunswick|Perth-Andover]] who are served by [[Saint John Energy]], Energy Edmundston,<ref>{{cite web |url=http://edmundston.ca/en/services-aux-citoyens/energie|title=Energy |author=<!--Staff writer(s); no by-line.--> |date=2014 |publisher=City of Edmundston|access-date=2014-07-28}}</ref> and the Perth-Andover Electric Light Commission,<ref>{{cite web |url=http://www.perth-andover.com/content/13450 |title=PERTH-ANDOVER ELECTRIC LIGHT COMMISSION |author=<!--Staff writer(s); no by-line.--> |date=2014 |publisher=Village of Perth-Andover |access-date=2014-07-28}}</ref> respectively.

==History==
The development of the electricity industry in New Brunswick started the 1880s with the establishment of small private power plants in [[Saint John, New Brunswick|Saint John]], [[Fredericton]] and [[Moncton]]. Over the next 30 years, other cities successively electrified, so much so that in 1918, more than 20 companies were active in the electricity business, which left the province with wildly differing levels of services and prices. In Saint John for instance, the rates fluctuated between 7.5 and 15 cents per [[kilowatt-hour]], depending on the location and the monthly consumption.<ref name="HistoryPre1920">{{cite web|title=In the beginning - electricity comes to New Brunswick |url=https://www.nbpower.com/html/en/about/publications/history_pdfs/historypre20.pdf|author=NB Power |year=1990|access-date=2010-01-06}}</ref>

===Interwar period===
Recognizing the important role that electricity was about to play in economic development, Premier [[Walter E. Foster]] proposed the creation of a provincially owned electric company. The [[Legislative Assembly of New Brunswick|Legislative Assembly]] passed a bill to that effect. The ''New Brunswick Electric Power Commission'' (NBEPC) was created on April 24, 1920, under the ministry of [[Peter Veniot]] (Public Works). Immediately, the commission, headed by its first president, C. W. Robinson, launched the construction of a C$2 million [[hydroelectric dam]] at [[Musquash, New Brunswick|Musquash]], west of Saint John. To supply the cities of Saint John, Moncton and Sussex, a {{convert|88|mi|km|0}} long [[high voltage]] [[power line]] was also built.<ref name="History1920">{{cite web|title=The nineteen twenties - the early years  |url=https://www.nbpower.com/html/en/about/publications/history_pdfs/history20.pdf|author=NB Power |year=1990|access-date=2010-01-06}}</ref>

The new earth dam was completed on time, in 1922. But it could not withstand the 1923 spring flood and collapsed,<ref name="History1920"/> an accident which shattered a bit of confidence in the new commission. The building of a [[Grand Falls Generating Station|larger facility in Grand Falls]], on the Upper [[Saint John River (New Brunswick)|Saint John River]], was undertaken in 1926 by a subsidiary of [[International Paper Company]] and completed in 1930.<ref name="History1920"/> Electricity demand increased during that decade and more generation facilities were required to supply the province. The commission decided to take advantage of coal resources in the [[Minto, New Brunswick|Minto]] area and built a plant near the mines. The [[Grand Lake Generating Station]] was commissioned in 1931 and then expanded five years later.<ref name="History1930">{{cite web|title=The nineteen thirties - from hydro to coal |url=https://www.nbpower.com/html/en/about/publications/history_pdfs/history30.pdf |author=NB Power |year=1990 |access-date=2010-01-06}}</ref>

===Post-war era===
[[File:Grand Falls Raging Waterfall.jpg|thumb|right|The [[floodgate]]s of the Grand Falls generating station, during the annual [[freshet]] of the [[Saint John River (New Brunswick)|Saint John River]].]]
Demand for electricity exploded during [[World War II]] and led to [[rationing]] in the late 1940s.<ref name="History1950">{{cite web|title=The nineteen fifties - the hydro years |url=https://www.nbpower.com/html/en/about/publications/history_pdfs/history50.pdf|author=NB Power |year=1990|access-date=2010-01-06}}</ref> Meanwhile, the commission embarked on the construction of two major dams on the Saint John River, the [[Tobique Narrows Dam|Tobique]] and [[Beechwood Dam|Beechwood generating station]]s, which were respectively commissioned in 1953 and 1955. ''See below regarding First Nations relations.''

The New Brunswick Electric Power Commission bought the [[Grand Falls Generating Station]] in 1959<ref name="History1950"/> and began work on the province's largest hydroelectric facility, the [[Mactaquac Dam|Mactaquac dam]], whose first three units were put on stream in 1968.<ref name="History1960">{{cite web|title=The nineteen sixties - over a billion kilowatts generated |url=https://www.nbpower.com/media/1655/d-html-en-about-publications-history_pdfs-history60.pdf|author=NB Power|year=1990|access-date=2018-05-28}}</ref>

However, the new hydroelectric developments proved insufficient to bridge the imbalance between supply and demand, which grew by 12% per annum between 1960 and 1975. To cope with this demand growth, the commission began construction of the oil-fired [[Courtenay Bay Generating Station]], near the [[Saint John Shipbuilding|Saint John shipyard]] in 1959; it was also adjacent to the [[Irving Oil Refinery]], which entered service in the late 1950s and which the Courtenay Bay Generating Station made use of a pipeline running from the [[Canaport]] offshore loading facility at [[Red Head, New Brunswick|Red Head]] to the refinery. The first 50 MW turbine was put in service at Courtenay Bay Generating Station the next year, in December 1960, while two more units were added in 1965 and 1966, 50 MW and 100 MW, respectively.<ref name="History1960"/> To better serve [[North Shore (New Brunswick)|northern New Brunswick]], another oil-fired plant, the [[Dalhousie Generating Station]], was constructed in [[Darlington, New Brunswick|Darlington]] with an initial capacity of 100 MW.  It was commissioned in 1969.<ref name="History1960"/>

In the early 1970s, the NBEPC signed a series of supply contracts with [[New England]] distributors, justifying the construction of its largest power plant in 1972. With three 335 MW units, the oil-fired [[Coleson Cove Generating Station]] was completed in January 1977. However, the [[1973 oil shock]] made the operation of thermal plants more expensive, since oil prices rose from US$3 to US$37 per [[barrel (volume)|barrel]] between 1973 and 1982. The company, which was renamed ''NB Power'' / ''Énergie NB'' during that time, needed to explore other generating options.<ref name="History1970">{{cite web|title=The nineteen seventies - the energy crisis |url=https://www.nbpower.com/html/en/about/publications/history_pdfs/history70.pdf|author=NB Power|year=1990|access-date=2010-01-06}}</ref>

===Point Lepreau===
{{Main|Point Lepreau Nuclear Generating Station}}
The construction of a nuclear plant in New Brunswick had been discussed since the late 1950s. For over 15 years, engineers from the NBEPC visited the [[Chalk River Laboratories]] to keep abreast of the latest trends in the field.<ref name="History1970"/> Formal talks between the provincial and federal governments began in 1972 and discussions between representatives of Premier [[Richard Hatfield]] and [[Atomic Energy of Canada]] accelerated the following year. In the aftermath of the [[1973 oil crisis|oil crisis]], the province wanted to secure a source of electricity whose prices would be less volatile than oil. However, project financing was still an issue.<ref name="Babin">{{cite book|first=Ronald|last=Babin|title=L'option nucléaire|publisher=Boréal Express |location=Montréal |year=1984 |isbn=2-89052-089-7|pages=66–70 |language=fr}}</ref>

The federal government then announced a loan program to help provinces such as New Brunswick in January 1974. Ottawa's pledge to cover half of the cost of a first nuclear plant removed the last obstacle to construction of the [[Point Lepreau Nuclear Generating Station]]. On February 5, 1974, Hatfield announced his decision to build the plant, {{convert|20|mi|km|0}} west of Saint John, and even raised the possibility of constructing a second one in the future. On May 2, 1975, the Canadian Atomic Energy Commission authorized the construction of two 640-MW units within a site that can accommodate a maximum of four reactors.<ref name="Babin"/>

Labour unrest, design problems and skyrocketing construction costs significantly increased the plant's price tag. The total price of the first operational [[CANDU reactor|CANDU-6]] in the world was estimated at 466 million dollars in 1974.<ref>{{cite book|title=Richard Hatfield, the Seventeen-Year Saga|url=https://archive.org/details/richardhatfields0000star|url-access=registration|first=Richard |last=Starr |publisher=Formac Publishing |location=Halifax |year=1987 |isbn=0-88780-057-2 |page=[https://archive.org/details/richardhatfields0000star/page/98 98]}}</ref> Inflation between 1978 and 1982 was 46%, this increased the costs for all infrastructure projects in Canada. Projects like [[Darlington Nuclear Generating Station]] and Point Lepreau had priced their estimates before the inflation.  When it became operational 8 years later, on February 1, 1983, the cost had soared to C$1.4 billion.<ref name="Babin"/>

===Proposed sale to Hydro-Québec===
{{Main|Proposed sale of NB Power}}
On October 29, 2009, the premiers of New Brunswick and Quebec signed a [[memorandum of understanding]] to sell most of NB Power's assets to [[Hydro-Québec]].<ref name="MOU">{{cite book|title=MOU between Quebec and New Brunswick|url=http://www.lowerratesnb.ca/downloads/MOU_EN.pdf|year=2009|access-date=2009-10-31|url-status=dead|archive-url=https://web.archive.org/web/20091116214421/http://www.lowerratesnb.ca/downloads/MOU_EN.pdf|archive-date=2009-11-16}}</ref> This agreement was reached after nine months of negotiations undertaken at the request of New Brunswick<ref>{{cite news|title=How accord was reached|first=Quentin |last=Casey |work=[[Telegraph-Journal]] |date=October 30, 2009 |url=http://telegraphjournal.canadaeast.com/news/article/840842 |access-date=2009-12-06}}</ref> and would have transferred most generation, transmission and distribution assets of the New Brunswick utility to a subsidiary of the Quebec-based Crown corporation, including the [[Point Lepreau Nuclear Generating Station]] and 7 hydroelectric plants, but would have excluded fossil-fuel fired plants in [[Dalhousie Generating Station|Dalhousie]], [[Belledune Generating Station|Belledune]], and [[Coleson Cove Generating Station|Coleson Cove]].<ref name=cbc>{{cite news|title=Quebec, N.B. strike $4.8B deal for NB Power|work=Canadian Broadcasting Corporation |url=https://www.cbc.ca/news/canada/new-brunswick/quebec-n-b-strike-4-8b-deal-for-nb-power-1.787566|date=2009-10-29 |access-date=2009-10-29}}</ref>

The memorandum of understanding fostered a spirited public debate in New Brunswick and [[Atlantic Canada]]. Despite positive feedback from the province's business leaders,<ref>{{cite news|title='Unequivocal' support|first=Rebecca|last=Penty|work=Telegraph-Journal|location=Saint John, N.B.|date=October 31, 2009|page=C1|url=http://nbbusinessjournal.canadaeast.com/front/article/842110|access-date=2009-11-13|url-status=dead|archive-url=https://web.archive.org/web/20110708113551/http://nbbusinessjournal.canadaeast.com/front/article/842110|archive-date=July 8, 2011}}</ref><ref>{{cite news|title=NB Power deal boosts industry: Keir|first=Greg|last=Weston|work=[[Times & Transcript]]|location=Moncton|date=November 10, 2009|page=A3|url=http://timestranscript.canadaeast.com/news/article/852541|access-date=2009-11-13|archive-url=https://web.archive.org/web/20110724185622/http://timestranscript.canadaeast.com/news/article/852541|archive-date=July 24, 2011|url-status=dead}}</ref> many reactions to the MOU were hostile. [[Opposition (parliamentary)|Opposition]] parties, [[Newfoundland and Labrador]] [[Premier (Canada)|premier]] [[Danny Williams (Canadian politician)|Danny Williams]],<ref>{{cite news|title=Williams lashes out at Quebec-N.B. power deal|author=Canadian Broadcasting Corporation |publisher=CBC News|date=29 October 2009|url=https://www.cbc.ca/news/canada/newfoundland-labrador/williams-lashes-out-at-quebec-n-b-power-deal-1.844322|access-date=2009-11-13}}</ref> the union representing most NB Power employees,<ref>{{cite news|title=NB Power union slams Hydro-Quebec deal|publisher=CBC News|date=November 13, 2009|url=https://www.cbc.ca/news/canada/new-brunswick/nb-power-union-slams-hydro-qu%C3%A9bec-deal-1.812001|access-date=2009-11-13}}</ref> and wind energy supporters<ref>{{cite news |title=Vente d'Énergie NB à Hydro: l'opposition s'accroît |first=Hélène |last=Baril |work=[[La Presse (Canadian newspaper)|La Presse]] |location=Montreal |date=November 12, 2009 |language=fr |url=http://lapresseaffaires.cyberpresse.ca/economie/energie-et-ressources/200911/12/01-920847-vente-denergie-nb-a-hydro-lopposition-saccroit.php |access-date=2009-11-13 |url-status=dead |archive-url=https://web.archive.org/web/20091113145700/http://lapresseaffaires.cyberpresse.ca/economie/energie-et-ressources/200911/12/01-920847-vente-denergie-nb-a-hydro-lopposition-saccroit.php |archive-date=November 13, 2009 }}</ref> quickly condemned the agreement as detrimental to the interests of New Brunswick.

Opponents in the general public used social media to show their displeasure and contest the various arguments for the deal. On [[Facebook]], 14,000 people joined a group in opposition to the sale within five days of the announcement.<ref>{{cite news|title=Anti-NB Power Sale Facebook Group Grows to over 14,000 members|first=David|last=Shipley|work=Times & Transcript|location=Moncton|date=November 3, 2009|url=http://timestranscript.canadaeast.com/blog/bitsbytes,845092|access-date=2009-11-03|archive-url=https://web.archive.org/web/20110724185627/http://timestranscript.canadaeast.com/blog/bitsbytes,845092|archive-date=July 24, 2011|url-status=dead}}</ref> A demonstration organized by the group and trade unions drew approximately 600 people outside the Legislative Assembly building on November 17, 2009.<ref>{{cite news|title=Hundreds of demonstrators protest NB Power sale agreement at Legislature |first=John |last=Pollack |work=[[Telegraph-Journal]] |date=November 18, 2009 |location=Saint John, N.B. |page=A3 |url=http://telegraphjournal.canadaeast.com/actualites/article/860806 |access-date=2009-11-18}}</ref> A [[Leger Marketing]] [[opinion poll]] conducted on behalf of [[Quebecor Media]] newspapers in New Brunswick and Quebec in November 2009 showed that 60% of New Brunswickers polled opposed the proposed sale, while 22% supported it.<ref>{{cite web |title=Rapport d'étude: réaction des Néo-Brunswickois à la vente d'Énergie Nouveau-Brunswick à Hydro-Québec |date=November 22, 2009 |author=Léger Marketing |author-link=Léger Marketing |location=Montreal |language=fr |url=http://www.legermarketing.com/documents/SPCLM/0911231FR.pdf |access-date=2009-12-06 |url-status=dead |archive-url=https://web.archive.org/web/20110617060323/http://www.legermarketing.com/documents/SPCLM/0911231FR.pdf |archive-date=June 17, 2011 }}</ref>

After months of controversy, New Brunswick and Quebec representatives signed a second agreement in January 2010, reducing the scope of the sale. Under the revised agreement, the sale would have transferred NB Power's hydroelectric and nuclear power plants to [[Hydro-Quebec]] for C$3.4 billion. The government of New Brunswick would have retained the transmission and distribution divisions of NB Power, and the [[Crown corporations of Canada|Crown corporation]] would have entered into a long-term [[power purchase agreement]] (PPA) with Hydro-Québec. The PPA would have allowed NB Power to deliver the rate freeze for residential and general customers. However, the industrial rates rollback would have been smaller than under the original MOU.<ref>{{Cite news | pages = A1 | last = Morris | first = Chris | title = Power deal reworked | work = Telegraph-Journal |location=Saint John, N.B. | access-date = 2010-01-19 | date = 2010-01-19 | url = http://telegraphjournal.canadaeast.com/front/article/925190 }}</ref>

On March 24, 2010, Premier Graham announced the failure of the second agreement due to Hydro-Québec's concern over unanticipated risks and costs associated with matters including dam security and water levels.<ref>{{cite news |url=http://www.cbc.ca/news/canada/new-brunswick/quebec-balked-at-nb-power-sale-costs-1.896545|title=Quebec balked at NB Power sale costs |author=CBC News |work=Canadian Broadcasting Corporation |date=2010-03-24 |access-date=2010-08-20}}</ref> This interpretation was contested by analysts, who blamed the collapse of the deal on the political situation in New Brunswick.<ref>{{cite news | last = Cousineau | first = Sophie | title = Une occasion manquée | work = La Presse | location = Montréal | access-date = 2010-03-25 | date = 2010-03-25 | url = http://lapresseaffaires.cyberpresse.ca/opinions/chroniques/sophie-cousineau/201003/25/01-4264029-une-occasion-manquee.php | language = fr | archive-url = https://web.archive.org/web/20100327052346/http://lapresseaffaires.cyberpresse.ca/opinions/chroniques/sophie-cousineau/201003/25/01-4264029-une-occasion-manquee.php | archive-date = 2010-03-27 | url-status = dead }}</ref><ref>{{cite news | last = Corbeil | first = Michel | title = Entente avortée entre Hydro-Québec et Énergie NB: un mauvais calcul politique | work = Le Soleil | location = Quebec City| access-date = 2010-03-25 | date = 2010-03-25 | language=fr |url =http://www.cyberpresse.ca/le-soleil/affaires/actualite-economique/201003/24/01-4263998-entente-avortee-entre-hydro-quebec-et-energie-nb-un-mauvais-calcul-politique.php}}
</ref>

==Corporate structure==
[[File:NBPowerTransmissionTowerMaintenance.JPG|thumb|right|A NB Power [[Lineman (technician)|lineman]] working on a transmission tower in Saint John.]]
The future of NB Power has been a concern of successive New Brunswick governments for the past 15 years{{when|date=August 2014}}. The Liberal government of [[Raymond Frenette]] published a consultation document in February 1998 to find solutions to ensure the sustainability of NB Power in the twenty-first century.<ref>{{cite book|title=Electricity in New Brunswick Beyond 2000 |author=New Brunswick |publisher=Department of Natural Resources and Energy |location=Fredericton |date=February 1998 |url=http://www.gnb.ca/0085/electric/word-e.doc |page=21 |format=doc |access-date=2009-11-17}}</ref>

===Valuation===
Shortly after taking office in 1999, the [[Progressive Conservative Party of New Brunswick|Conservative]] government of [[Bernard Lord]] commissioned [[Toronto-Dominion Bank|TD Securities]] to conduct an assessment of the company's viability. The study, whose findings were published in 2009, suggested four scenarios:  the status quo; a sale to a strategic buyer; privatization through a [[initial public offering|share offering]]; or splitting the utility into separate elements.  The report valued the company at between $C3.6 and $C4.5 billion.<ref>{{cite news|title=Sale recommended|first=Chris|last=Morris|work=[[Telegraph-Journal]]|location=Saint John, N.B.|date=November 17, 2009|page=A1|url=http://telegraphjournal.canadaeast.com/front/article/859594|access-date=2009-11-17}}</ref>  This number however was very strongly contested by those familiar with the value of telecommunications rights of way and [[smart grid]]-based services, energy-related and otherwise, who considered the distribution network to have very much more value.  These arguments were to be repeated often in the 2009-2010 NB Power controversy.{{Citation needed|date=September 2010}}

Between 2001 and 2004, the Lord government spent C$3.2 million to retain the services of [[CIBC World Markets]] and [[Salomon Brothers|Salomon Smith Barney]] in order to evaluate the resale value of the Point Lepreau and Coleson Cove power plants.  The studies, codenamed ''Cartwheel'' and ''Lighthouse'', have assessed the value of these assets to roughly C$4.1 billion.<ref>{{cite news|title=Code name: Cartwheel|first=Chris|last=Morris|work=[[Telegraph-Journal]]|location=Saint John, N.B.|date=November 13, 2009|page=A1|url=http://telegraphjournal.canadaeast.com/front/article/855981|access-date=2009-11-17}}</ref>  A similar valuation was used in the failed 2010 proposal to vend Lepreau to Hydro-Quebec, and was extremely controversial.

===2003 reorganization===
The Lord government shuffled the company's structure in early 2003 by introducing [[Amend (motion)|amendments]] to the ''Electricity Act''.<ref>{{cite web|title=Electricity, R.S.N.B. 2003, c. E-4.6 |year=2003|author=New Brunswick|publisher=New Brunswick Department of Justice|url=http://www.gnb.ca/0062/acts/BBA-2003/Chap-E-4-6.pdf|access-date=2010-01-06|page=98}}</ref> The Act reorganized NB Power into a [[holding company]] with four divisions: NB Power Distribution and Customer Service, NB Power Generation, NB Power Nuclear, and NB Power Transmission. The Act maintained the company's distribution, transmission, and nuclear power monopolies, but opened the door to competition in the generation business.<ref name="NewsRelease2003">{{cite web|title=Introduction of new Electricity Act|url=http://www.gnb.ca/cnb/news/ene/2003e0086nr.htm |author=Department of Natural Resources and Energy|publisher=Communications New Brunswick|date=January 31, 2003|access-date=2009-10-31}}</ref> The reorganization also created the ''New Brunswick Electric Finance Corporation'', which was responsible for issuing, managing and paying NB Power's debt through payments dividends, fees and taxes paid by the various subsidiaries,<ref>{{cite web|title=Production d'électricité : le Nouveau-Brunswick pave le chemin vers la déréglementation|date=January 31, 2003|author=Radio-Canada|publisher=Radio-Canada Nouvelles |url=http://www.radio-canada.ca/nouvelles/Index/nouvelles/200301/31/006-loi-electricite-NB.shtml|access-date=2009-10-31|language=fr}}</ref> and the [[New Brunswick System Operator]], an independent market operator that administered relationships between power generators and users.

===2013 Reorganization===
The NB Power Group of Companies, the Electric Finance Corporation, and the [[New Brunswick System Operator]] merged on October 1, 2013, re-establishing NB Power as a single, [[Vertical integration|vertically integrated]] [[Crown corporation]].<ref name="Dec2013report" />{{rp|4}}

==Personnel==
In October 2008, NB Power Holding Corporation was named one of "[[Canada's Top 100 Employers]]" by Mediacorp Canada Inc., and was featured in ''[[Maclean's]]'' newsmagazine.<ref>{{cite web|url=http://www.eluta.ca/top-employer-nb-power|title=Reasons for Selection, 2009 Canada's Top 100 Employers Competition}}</ref>  In 2009, NB Power became the first electric utility to be recognized by the ''National Quality Institute'' by being awarded a ''Healthy Workplace Award''.

[[David D. Hay]] resigned as President in 2010, claiming he had never been consulted on the [[proposed sale of NB Power]], the valuations or the strategies involved.{{citation needed|date=July 2014}} He was replaced by Gaëtan Thomas, the former Vice President of NB Power's Nuclear Division, who remained the President and CEO of NB Power till May, 2020. Keith Cronkhite was appointed NB Power President and Chief Executive Officer [[CEO]] on April 1, 2020.<ref>{{cite web |url=https://www.nbpower.com/html/en/about/management/our_management_team.html|title=Our Management Team |author=<!--Staff writer(s); no by-line.--> |publisher=NB Power |access-date=2014-07-29}}</ref>

Lori Clark was appointed President and Chief Executive Officer (Acting) on July 4, 2022.

==Operations==
=== Power generation ===
{{Further|List of power stations in New Brunswick}}
NB Power operates 13 generating stations with a total installed capacity of 3,513 MW as of 2013.<ref name="2012-2013report" /><ref name="Divisions" /> The generation fleet uses a variety of energy sources: [[heavy fuel oil]] (972 MW), water (889 MW), [[Natural uranium|uranium]] (660 MW), [[Diesel fuel|diesel]] (525 MW), and [[coal]] (467 MW).<ref name="Divisions" /><ref name="NBPowerSystemMap" /> As of 2020, NB Power's grid includes 355 MW of wind energy.<ref>{{cite web |title=Wind Energy |url=https://www.nbpower.com/en/about-us/our-energy/wind-energy/ |website=NB Power}}</ref>

The generation facilities are spread across the province. However, the [[Saint John, New Brunswick]] area accounts for nearly half of the total NB Power-owned generation capacity, with the [[Coleson Cove Generating Station|Coleson Cove]] (972 MW), the [[Point Lepreau Nuclear Generating Station]] (660 MW), and Bayside Generating Station (277 MW).<ref name="NBPowerSystemMap">{{cite web |url=https://www.nbpower.com/html/en/safety_learning/learning/systemmap/system_map.html |title=NB Power - System Map |access-date=2015-01-08 |url-status=dead |archive-url=https://web.archive.org/web/20081222175650/https://www.nbpower.com/html/en/safety_learning/learning/systemmap/system_map.html |archive-date=2008-12-22 }}</ref> Saint John is home to energy-intensive industries such as the [[Irving Oil Refinery]], [[JD Irving]] pulp and paper mills, and the [[Canaport]] [[liquefied natural gas terminal]].

====Thermal generation====
NB Power operates two thermal and three combustion turbine facilities with a combined generating capacity of 1,964 MW.<ref name="NBPowerGeneration">{{cite web |url=https://www.nbpower.com/html/en/about/operating/generation.html |title=NB Power - Divisions - Generation |access-date=2015-01-08}}</ref><ref name="NBPowerSystemMap" />

====Nuclear generation====
{{Main|Point Lepreau Nuclear Generating Station}}
NB Power operates the [[Point Lepreau Nuclear Generating Station]] which is the only active nuclear generating station in Canada outside of Ontario. It has a generation capacity of 660 MW.<ref>{{cite web |url=https://www.nbpower.com/html/en/about/operating/nuclear.html |title=NB Power - Divisions - Nuclear |access-date=2015-01-08}}</ref><ref name="NBPowerSystemMap" />

====Hydroelectric generation====
[[File:Mactaquac1.jpg|thumb|right|The Mactaquac dam and generating station on the Saint John River, upstream from Fredericton.]]
NB Power operates seven hydroelectric dams in the province with a combined generating capacity of 889 MW.<ref name="Divisions" /><ref name="NBPowerSystemMap" /> The main hydroelectric facilities are located on the [[Saint John River (Bay of Fundy)|Saint John River]].<ref name="NBPowerSystemMap" />

The province's largest, the [[Mactaquac Dam|Mactaquac generating station]] (668 MW), stands some {{convert|20|mi|km|0}} [[Source (river or stream)|upstream]] of the capital city, Fredericton. It was built between 1965 and 1968 at a cost of C$128 million.<ref name="History1960"/> The plant has been a concern for some time due to a phenomenon called [[alkali-aggregate reaction]], causing the dam to expand and crack. The problem has been known since the 1970s and could reduce the dam's life by half, according to a 2000 report by a panel of international engineering experts commissioned by the [[Crown corporation]].<ref>{{cite web |url=http://www.cbc.ca/news/canada/report-says-mactaquac-power-station-in-trouble-1.237718 |title=Report says Mactaquac Power Station in trouble |author=<!--Staff writer(s); no by-line.--> |date=Dec 11, 2000|website=CBC News|publisher=[[Canadian Broadcasting Corporation]] |access-date=2014-07-28}}</ref>

===Electric transmission===
[[File:Power Lines at Point Lepreau.jpg|thumb|right|Transmission lines near the Point Lepreau Nuclear Generating Station, in southwestern New Brunswick.]]
NB Power's [[Electric power transmission|transmission]] grid includes over {{convert|6849|km|mi|0}} of [[High-voltage alternating current|high voltage]] transmission lines ranging from 69 kV AC to 345 kV AC.<ref name="2012-2013report" /><ref name="Divisions" /> The company operates interconnections with [[Hydro-Québec]], [[Nova Scotia Power]], [[Maritime Electric]] in [[Prince Edward Island]] and the [[ISO New England]] network in the United States. The network is operated by the Transmission & System Operator division of NB Power.<ref name=Divisions>{{cite web |url=https://www.nbpower.com/html/en/about/operating/operating_companies.html|title=Divisions |author=<!--Staff writer(s); no by-line.--> |publisher=NB Power |access-date=2014-07-29}}</ref>

The main power grid forms an O-shaped loop with 345 kV lines. This power line runs through substations at [[Keswick, New Brunswick|Keswick]], [[Saint-André, New Brunswick|Saint-André]], [[Eel River Converter Station|Eel River]], [[Belledune, New Brunswick|Belledune]], [[Bathurst, New Brunswick|Bathurst]], [[Salisbury, New Brunswick|Salisbury]], [[Valley Waters]], [[Coleson Cove Generating Station|Coleson Cove]], [[Point Lepreau Nuclear Generating Station|Point Lepreau]], and back to [[Keswick, New Brunswick|Keswick]].<ref>{{cite web|title=About the NBSO |author=New Brunswick System Operator|url=http://www.nbso.ca/Public/en/about/|access-date=2009-11-07}}</ref> There is also a direct connection of a parallel 345 kV line between [[Coleson Cove Generating Station|Coleson Cove]] and [[Keswick, New Brunswick|Keswick]].

NB Power supplies electricity to [[Maritime Electric]] in [[Prince Edward Island]] through a sub-sea interconnection cable on the floor of the [[Northumberland Strait]], and imports/exports from/to [[Nova Scotia]] via Canada's first electrical interconnection between two provinces. NB Power also has interconnections to [[Maine]].

Because of the asynchronous nature of [[Hydro-Québec's electricity transmission system]], interconnections between the two neighboring provinces require [[HVDC]] converters. The first one, the [[Eel River Converter Station]], was installed in 1972 and has a 350 MW transfer capacity.<ref name="History1970"/> It is the first operative HVDC system equipped with [[thyristors]]<ref name="eeh">{{cite book|last=Dorf |first=Richard C. |title= The electrical engineering handbook |url=https://books.google.com/books?id=qP7HvuakLgEC |format=illustrated |edition=2 |series=The electrical engineering handbook series |year=1997 |publisher=CRC Press |location=Boca Raton, FL |isbn=978-0-8493-8574-2 |page=1343  }}</ref> The second converter, the Madawaska substation (435 MW), was built on the Quebec side of the border in 1985 and is operated by Hydro-Québec TransÉnergie.<ref name="History1980">{{cite web|title=The nineteen eighties - the nuclear age |url=https://www.nbpower.com/html/en/about/publications/history_pdfs/history80.pdf|author=NB Power |year=1990|access-date=2010-01-06}}</ref> The two systems are linked by two 230-kV lines between Matapédia and Eel River, and by two 315-kV lines between the Madawaska and Edmundston substations. Some of NB Power loads in these areas can be islanded and supplied as part of the Quebec grid, which increases New Brunswick's import capability to 1,080 MW, whereas export capability to Quebec is limited to 785 MW.<ref>{{cite web|url=http://www.transenergie.com/oasis/info/ilot/schema_nb_en.pdf|title=HQT-NB-HQT|author=Hydro-Québec TransÉnergie|date=May 2008|access-date=2009-11-07}}</ref>

===Coal mining===
Beginning in 1986, NB Power operated a coal mine in [[Minto, New Brunswick|Minto]] through its NB Coal subsidiary.<ref name="History1980"/> The company extracted approximately 150,000 tons of coal per year to fuel the Grand Lake Generating Station, a 57 MW power plant built in 1963. On September 30, 2009, the company announced the planned closure of the mine and the decommissioning of the Grand Lake Generating Station.  The company management explained the decision by stressing the high cost of complying with stricter [[Sulfur dioxide|{{chem|S||O|2}}]] emission regulations.<ref name="GrandLake_DG">{{cite news|first=Stephen |last=Llewellyn |title=End of line for station, coal mine|work=[[The Daily Gleaner|Daily Gleaner]] |location=Fredericton |date=September 30, 2009 |url=http://dailygleaner.canadaeast.com/front/article/808434|access-date=2009-11-02}}</ref> The [[wikt:decommission|decommission]]ing and [[demolition]] of the Grand Lake Generating Station were completed in 2012.<ref name=2012-2013report>{{Cite report |date= 2013|title=Annual Report 2012-2013 |url=https://www.nbpower.com/html/en/about/publications/annual/2013_Annual_Report_EN.pdf |publisher=NB Power|access-date= 2014-07-29}}</ref>{{rp|15}}

==Financial results==
{| class="wikitable centre" style="text-align:right; width:95%;"
|+ '''Financial Data 2017-1998 (year ending on 31 March)'''<br />millions of Canadian dollars<ref name=NBP2008>{{Cite report |date=2008|title=The Power of New Brunswick |url=https://www.nbpower.com/html/en/about/publications/annual/Annual_Report07-08-.pdf |publisher=NB Power|access-date= 2014-08-02}}</ref><ref name="AR_2010p47_49">{{harvnb|NB Power|2010|pp=47–49}}</ref><ref name="NBP2006">{{cite book|title=Annual Report 2005-2006 |author=NB Power |location=Fredericton |year=2006 |page=68 |url=https://www.nbpower.com/html/en/about/publications/annual/NBPAnn_05-06.pdf |access-date=2009-10-31}}</ref><ref name="NBP2004">{{cite book |title=Annual Report 2003-2004 |author=NB Power |location=Fredericton |year=2004 |page=60 |url=https://www.nbpower.com/html/en/about/publications/annual/ar2003_04eng.pdf |access-date=2009-10-31}}</ref><ref name="NBP2002">{{cite book |title=Annual Report 2001-2002 |author=NB Power |location=Fredericton |year=2002 |page=62 |url=https://www.nbpower.com/html/en/about/publications/annual/annrep2001.pdf |access-date=2009-10-31 }}</ref><ref name="NBP2000">{{cite book|title=Annual Report 1999-2000 |author=NB Power |location=Fredericton |year=2000 |page=32 |url=https://www.nbpower.com/html/en/about/publications/annual/1999-2000en.pdf |access-date=2009-10-31}}</ref>
|-
! scope="col" style="width:22%; background:white; border-top-color:white; border-left-color:white;"|
! scope="col" style="width:6%;"| 2017
! scope="col" style="width:6%;"| 2016
! scope="col" style="width:6%;"| 2015
! scope="col" style="width:6%;"| 2014
! scope="col" style="width:6%;"| 2013
! scope="col" style="width:6%;"| 2012
! scope="col" style="width:6%;"| 2011
! scope="col" style="width:6%;"| 2010
! scope="col" style="width:6%;"| 2009
! scope="col" style="width:6%;"| 2008
! scope="col" style="width:6%;"| 2007
! scope="col" style="width:6%;"| 2006
! scope="col" style="width:6%;"| 2005
! scope="col" style="width:6%;"| 2004
! scope="col" style="width:6%;"| 2003
! scope="col" style="width:6%;"| 2002
! scope="col" style="width:6%;"| 2001
! scope="col" style="width:6%;"| 2000
! scope="col" style="width:6%;"| 1999
! scope="col" style="width:6%;"| 1998
|-
! scope="row" style="text-align:left;"| Revenue
| {{formatnum:1696}}
| {{formatnum:1791}}
| {{formatnum:1791}}
| {{formatnum:1797}}
| {{formatnum:1605}}
| {{formatnum:1646}}
| {{formatnum:1616}}
| {{formatnum:1635}}
| {{formatnum:1453}}
| {{formatnum:1712}}
| {{formatnum:1512}}
| {{formatnum:1585}}
| {{formatnum:1403}}
| {{formatnum:1311}}
| {{formatnum:1273}}
| {{formatnum:1319}}
| {{formatnum:1309}}
| {{formatnum:1248}}
| {{formatnum:1204}}
| {{formatnum:1140}}
|-
! scope="row" style="text-align:left;"| Net earnings (Net losses)
| {{formatnum:27}}
| {{formatnum:12}}
| {{formatnum:100}}
| {{formatnum:55}}
| {{formatnum:65}}
| {{formatnum:173}}
| {{formatnum:67}}
| ({{formatnum:117}})
| {{formatnum:70}}
| {{formatnum:89}}
| {{formatnum:21}}
| {{formatnum:96}}
| {{formatnum:9}}
| ({{formatnum:18}})
| ({{formatnum:77}})
| {{formatnum:20}}
| ({{formatnum:78}})
| {{formatnum:17}}
| ({{formatnum:423}})
| ({{formatnum:21}})
|-
! scope="row" style="text-align:left;"| Dividends declared
|
|
|
|
| {{formatnum:11}}
| {{formatnum:16}}
| {{formatnum:9}}
| {{formatnum:13}}
| {{formatnum:13}}
| {{formatnum:11}}
| {{formatnum:10}}
| {{formatnum:12}}
| {{formatnum:5}}
| {{formatnum:0}}
| {{formatnum:0}}
| {{formatnum:0}}
| {{formatnum:0}}
| {{formatnum:0}}
| {{formatnum:0}}
| {{formatnum:0}}
|-
! scope="row" style="text-align:left;"| Total assets
| {{formatnum:5959}}
| {{formatnum:5895}}
| {{formatnum:6128}}
| {{formatnum:6863}}
| {{formatnum:6689}}
| {{formatnum:6006}}
| {{formatnum:5632}}
| {{formatnum:5379}}
| {{formatnum:5190}}
| {{formatnum:4686}}
| {{formatnum:4151}}
| {{formatnum:3969}}
| {{formatnum:3874}}
| {{formatnum:3729}}
| {{formatnum:3387}}
| {{formatnum:3236}}
| {{formatnum:3298}}
| {{formatnum:3464}}
| {{formatnum:3666}}
| {{formatnum:4197}}
|-
! scope="row" style="text-align:left;"| Long term debt
| {{formatnum:4007}}
| {{formatnum:4124}}
| {{formatnum:4025}}
| {{formatnum:4597}}
| {{formatnum:4692}}
| {{formatnum:3469}}
| {{formatnum:3417}}
| {{formatnum:3481}}
| {{formatnum:3051}}
| {{formatnum:2891}}
| {{formatnum:2869}}
| {{formatnum:2655}}
| {{formatnum:2459}}
| {{formatnum:3217}}
| {{formatnum:2999}}
| {{formatnum:2530}}
| {{formatnum:2950}}
| {{formatnum:2795}}
| {{formatnum:3019}}
| {{formatnum:3104}}
|}

{{Clear}}

==Investment concern==
In 2019, the utility was criticized for having invested $13 million in Joi Scientific, a Florida-based company that promised to deliver [[hydrogen fuel|hydrogen-based power]] from seawater with 200% efficiency.<ref name=CBC2>[https://www.cbc.ca/news/canada/new-brunswick/joi-scientific-technology-update-1.5340245 Joi Scientific technology NB Power poured millions into doesn't work]</ref> According to critics, their promised efficiency violated the [[first law of thermodynamics]].<ref name=CBC1>[https://www.cbc.ca/news/canada/new-brunswick/nb-power-gaetan-thomas-1.5131620 Science behind NB Power's hydrogen venture too good to be true, critic says]</ref> During a call with investors during the summer of 2019, Joi Scientific announced that their technology was perhaps only ~10% as efficient as previously described, meaning that their process consumes energy rather than producing it.<ref>[https://cleantechnica.com/2019/11/01/joi-scientifics-hydrogen-illusion-comes-tumbling-down/ Joi Scientific’s Perpetual Hydrogen Illusion Comes Tumbling Down]</ref> The company also announced that they were running low on funding.<ref name=CBC2 /> Joi Scientific's technology has been described by a former employee as being based on the work of discredited inventor [[Stanley Meyer's water fuel cell|Stanley Meyer]].<ref name=CBC2 />

==See also==
* [[List of generating stations in New Brunswick]]
* [[Proposed sale of NB Power]]

==References==
{{Reflist|2|refs=
<ref name="2018-2019report" >{{Cite report |date= 2020|title=Annual Report 2018-2019 |url=https://www.nbpower.com/media/1605/d-html-en-about-publications-annual-2013_annual_report_en.pdf?2 |format=PDF|publisher=NB Power|access-date= 2020-06-02}}</ref>
}}

==Further reading==
* {{Cite book|title=Sustainability report 2009-2010 |author=NB Power |publisher=NB Power |location=Fredericton |year=2010 |url=https://www.nbpower.com/html/en/about/publications/annual/2009-10AR-ENG.pdf |access-date=2011-07-01 }}

==External links==
* [https://www.nbpower.com NB Power Website]
* [https://www.sjenergy.com Saint John Energy]

{{Authority control}}

{{DEFAULTSORT:Nb Power}}
[[Category:NB Power| ]]
[[Category:Crown corporations of New Brunswick]]
[[Category:Companies based in Fredericton]]
[[Category:Electric power companies of Canada]]
[[Category:Hydroelectric power companies of Canada]]
[[Category:Nuclear power companies of Canada]]
[[Category:Energy in New Brunswick]]
[[Category:Electric power monopolies]]
[[Category:Public utilities established in 1920]]
[[Category:1920 establishments in New Brunswick]]
[[Category:Canadian companies established in 1920]]